OMC stocks rally up to 5.5% as crude oil crashes on US-Iran peace deal; Brent hits 3-month low

Shares of state-run oil marketing companies HPCL, BPCL, and IOC rallied up to 5.5% after crude oil prices crashed to multi-month lows following a US-Iran peace deal and the planned reopening of the Strait of Hormuz by Friday. Brent crude fell nearly 5% to $83.00/barrel and WTI dropped 5.35% to $80.34/barrel, both hitting their lowest levels since March 10. Lower crude prices reduce OMC input costs and could boost marketing margins if fuel retail prices are not cut proportionately.