Indian oil marketing firms fall on crude price jump after US strikes on Iran

Hindustan Petroleum

08/07/2026 05:08

** Shares of Indian oil marketing firms down between 3.3% and 4%
** Hindustan Petroleum Corp HPCL.NS leads losses, falls 4% to 389.7 rupees
** BPCL BPCL.NS down 3.8% at 302.1 rupees; IOC IOC.NS down 3.3% at 137.53 rupees
** Oil prices rise after U.S. military launches a series of strikes against Iran in response to what it said were Iranian attacks on three commercial vessels transiting the Strait of Hormuz
** Brent Crude futures LCOc1 up 2.6% at $76.12 as of 9:20 a.m. IST 
** Higher oil prices tend to lift the import bill, fuel inflation, slow growth and squeeze company margins for oil-importing countries such as India
** Nifty Oil and Gas .NIFOILGAS index down 1.7%

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