IOC, BPCL to HPCL: Beware! OMC stocks can crash another 20% amid crude oil price spike
The Indian oil marketing companies (OMCs) are facing one of their worst monthly falls on record as the spike in global crude oil prices to levels not seen in the last four years is weighing significantly on their balance sheets.
The ongoing US-Israeli war with Iran has resulted in the closure of the Strait of Hormuz, through which 20% of the global crude oil flows and over 40% of India’s crude imports transit.
