US-Iran war: BPCL, GAIL to HPCL — oil and gas stocks rise despite soaring crude oil prices

Indian oil and gas stocks rallied with the Nifty Oil & Gas index rising around 1 percent, led by Mahanagar Gas which gained nearly 3 percent, followed by Petronet LNG, Reliance Industries, Indraprastha Gas, GAIL, Adani Total Gas, HPCL, and BPCL, each up over 1 percent. The rally came despite Brent crude rising 1.15 percent to 78.92 dollars a barrel and WTI gaining 1.22 percent to 74.42 dollars a barrel after fresh US strikes on Iran raised concerns about the Strait of Hormuz. Analysts expect a mixed Q1 FY27 for the sector, with upstream firms benefiting from higher realizations while oil marketing companies face inventory losses; Kotak sees Reliance Industries EBITDA rising 8.4 percent year-on-year but flags weak results for Indraprastha Gas and Mahanagar Gas.