Archive · 8 Sep 2026
Oil Stocks Rise as Brent Crude Nears $100 Amid Tensions
Shares of several Indian oil companies rose as the price of crude oil moved close to $100 per barrel.
Brent crude reached $99.18, and another oil price called WTI reached $94.44.
Oil became more expensive after attacks damaged or halted operations at some energy facilities in Saudi Arabia.
The attacks were carried out by Iran-backed Houthis, according to the report.
Iran also threatened the United States, increasing worries about a larger conflict.
The United States had previously struck three Iranian oil tankers, according to the United States Central Command.
Shipping through the Strait of Hormuz slowed after Iran threatened retaliation.
This matters because the waterway carries a large share of the world's oil and gas supplies.
Analysts said higher crude prices can hurt oil-marketing companies but help companies such as Chennai Petroleum and MRPL.
ONGC, Oil India, Chennai Petroleum and MRPL shares climbed as Brent crude approached $100 a barrel.
Brent rose $2.18, or 2.25%, to $99.18, while WTI gained $2.96, or 3.24%, to $94.44.
Oil prices increased after Iran-backed Houthis attacked Saudi energy facilities, reportedly wounding 73 people.
Escalating tensions involving Iran, the United States and shipping through the Strait of Hormuz raised supply concerns.
Choice Institutional Equities said higher crude prices pressure oil marketers, while CPCL and MRPL continue to benefit.
- Who
- ONGC, Oil India, Chennai Petroleum, MRPL, oil traders, Iran-backed Houthis, Saudi Arabia, Iran and the United States.
- What
- Oil prices rose toward $100 a barrel, lifting shares of several Indian oil companies amid escalating regional tensions.
- When
- Brent and WTI prices were reported at the stated levels after attacks on Tuesday; shipping slowed at the beginning of the week.
- Where
- The reported attacks affected Saudi Arabia, while related tensions involved Iran, United States waters and the Strait of Hormuz.
- Why
- Concerns about disruptions to oil production, exports and shipping increased after attacks and threats involving regional and US forces.
Oil Producers and Refiners
Oil-Marketing Companies
Impact of higher crude prices
Oil Producers and Refiners
Choice Institutional Equities said Chennai Petroleum and MRPL continue to benefit from higher crude prices.
Oil-Marketing Companies
Choice Institutional Equities said higher crude prices remain a headwind for oil-marketing companies.
Market reaction
Oil Producers and Refiners
Shares of ONGC, Oil India, Chennai Petroleum and MRPL climbed as Brent crude neared $100 a barrel.
Oil-Marketing Companies
The report identifies higher crude prices as a challenge for oil-marketing companies, although it does not provide specific share-price movements for them.
- Brent price
- $99.18 a barrel, up $2.18 or 2.25%
- WTI price
- $94.44 a barrel, up $2.96 or 3.24%
- Saudi attack casualties
- Saudi authorities said 73 people were wounded
- Brent intraday high
- $99.22, the highest since July 24
- WTI intraday high
- $94.60, the highest since June 8
- MRPL target price
- Rs 215 per share, according to Choice Institutional Equities
- CPCL target price
- Rs 1,540 per share, according to Choice Institutional Equities
- Strait of Hormuz
- Handled around one-fifth of the world's daily oil and liquefied natural gas supplies before the conflict began