Oil India shares jump nearly 3% as crude prices rise above $75/bbl amid Israel-Iran tensions

Oil India shares gained nearly 3% in early trade on Monday as global crude oil prices surged past $75 per barrel. The price increase comes amid renewed geopolitical tensions in the Middle East, specifically between Israel and Iran, which have raised concerns over potential supply disruptions.

Brent crude for August delivery was trading at $75.14 per barrel, up 1.24%, on the Intercontinental Exchange (ICE) at 07:55 AM IST. The sharp movement follows an 8% rally on Friday, when Brent surged to $74 per barrel shortly after Israel carried out airstrikes targeting Iranian energy assets.

Over the weekend, Israel reportedly struck multiple Iranian oil and gas fields, including the South Pars field—one of the world’s largest natural gas reserves. While no major supply disruptions have been reported so far, the attacks have heightened market volatility.

In retaliation, Iran launched missile strikes on northern Israel, hitting parts of the Bazan oil refinery complex near Haifa. Although refining operations are continuing, other functions at the site have been temporarily halted, according to local reports.

Oil India shares opened at ₹484.95 and, at the time of writing, touched a high of ₹491.50 in today’s trade. The stock also recorded a low of ₹479.35 during the session. Currently, the scrip is trading well below its 52-week high of ₹767.90, while it remains significantly above its 52-week low of ₹325.00.

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