Why is oil and gas PSU stock ONGC the lone star amid the US-Iran war? Explained
US-Iran war: While most oil and energy stocks took a beating amid Middle East tensions, ONGC’s share price showed resilience amid the sell-off. In one month, ONGC shares have shed around 3.50%, whereas the oil PSU major, IOC, has crashed by over 17%. Shares of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) crashed over 22% in one month, whereas GAIL India shares corrected more than 14% in one month.
According to Indian stock market experts, the US-Iran war and disruptions in the Strait of Hormuz have driven Brent Crude oil prices above $100 per barrel.
