US-Iran peace deal: Reliance Industries, ONGC; which other oil & gas stocks will emerge as top winners and losers?

A potential US-Iran peace deal has pushed Brent crude below $83/barrel, with Nomura projecting prices could fall below $70/barrel over the next few months if the deal holds. City gas distributors (Mahanagar Gas, Gujarat Gas) and downstream OMCs (BPCL, IOC) are expected to be key beneficiaries, while upstream players face pressure. Nomura has Buy ratings on BPCL (TP Rs 365), IOC (TP Rs 180), Petronet LNG (TP Rs 345), MGL (26% upside), and Gujarat Gas (28% upside), with HPCL at Neutral (TP Rs 440).