Indian oil marketing companies rise as oil falls after US-Iran talks conclude

Bharat Petroleum

02/07/2026 06:33

** Shares of Indian OMCs rise between 2.2% and 3%
** BPCL BPCL.NS leads pack, rises 3% to 313 rupees
** HPCL HPCL.NS climbs 2.9% to 403.4 rupees, shares of IOC IOC.NS up 2.2% at 142.9 rupees
** Oil prices drop for third consecutive day after Qatar said Iran and the U.S. had made progress in indirect talks focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war
** Brent futures LCOc1 down 0.98% at $70.87, as of 10:46 a.m. IST, and have lost 1.6% on a weekly basis 
** Higher oil prices tend to reduce operating margins for oil marketing companies
** Nifty Oil and Gas .NIFOILGAS index up 0.5%

 (Reporting by Mridula Kumar in Bengaluru)
 ((Mridula.Kumar@thomsonreuters.com;))