The West Asia conflict escalated sharply overnight, with key gas infrastructure in Iran and Qatar coming under attack, intensifying global energy market concerns and pushing crude oil prices past $112 per barrel. Reflecting investor anxiety, Indian stock markets opened weak on Thursday, with major oil marketing companies witnessing a sharp sell-off, recording a combined decline of up to 10.26 per cent — among the steepest on record.
Shares of HPCL were the hardest hit, as the top loser among Nifty 500 stocks, slipping as much as 6 per cent before recovering some losses and trading at ₹334 apiece at 11:18 am, still down 4.38 per cent from the previous close.
Whereas BPCL witnessed a decline of 3.56 per cent, trading at ₹293 apiece at 11:18 am.
While the share of IOCL recorded a fall of about 2.32 per cent, trading at ₹145 on March 19th 2026, at 11:15 am.
Oil prices rose on Thursday, with benchmark Brent rising as much as $5 a barrel, after Iran attacked energy facilities across the Middle East following a strike on the South Pars gas field, a major escalation in the war with the United States and Israel.
Brent futures were up $4.66, or 4.3 per cent, at $112.04 a barrel by 0400 GMT, after an earlier rise of more than $5 to $112.86 a barrel. US West Texas Intermediate crude rose 96 cents, or 1 per cent, to $97.28 a barrel, after having risen over $3.
The United Arab Emirates early Thursday denounced Iran’s attacks targeting its Habshan gas facility and Bab field as a “dangerous escalation” as Israel and the United States escalate their war on the Islamic Republic.
Authorities in Abu Dhabi say the gas operations had been shut down after interceptions over the sites.
