Indian refiners gain as oil plunges after Trump announces Iran-Israel truce

Oil India

24/06/2025 05:17

** Refiners Indian Oil Corp IOC.NS rises 3.5%, Hindustan Petroleum HPCL.NS gains 4.3%, Bharat Petroleum BPCL.NS climbs 3.1%, Reliance Industries up 1%

** Crude oil prices fell as Donald Trump announced a ceasefire between Iran and Israel, relieving worries of supply disruption O/R

** Crude prices have tumbled more than 9% in the last two sessions after Iran refrained from disrupting oil supplies through Strait of Hormuz

** Meanwhile, Oil India OILI.NS and Oil and Natural Gas Corp ONGC.NS decline 4% and 2.3%, respectively, tracking fall in oil prices

** Lower crude prices benefit refiners, while negatively impacting explorers

** Reliance top gainer among refiners; gains 21% YTD

 (Reporting by Sethuraman NR in Bengaluru)

 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net ))