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Upstream oil cos in focus amid Iran-Israel war; ONGC, OIL surge up to 5%

Experts believe any escalation in the Iran-Israel conflict may lead to a rise in crude oil prices.

Crude oil

Photo: Bloomberg

Deepak Korgaonkar Mumbai

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Shares of state-owned upstream oil companies such as - Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) surged up to 5 per cent on the BSE in Monday’s intra-day trade on expectations of rise in global oil prices amid the Iran-Israel conflict. In comparison, the S&P BSE Sensex was down 0.70 per cent at 73,749 at 11:37 am.

A war between the two nations has the potential to disrupt oil supplies in the Middle East, a major oil-producing region. Experts believe any escalation between the two nations may lead to a rise in crude oil prices.

Shares of ONGC rallied

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First Published: Apr 15 2024 | 12:31 PM IST

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