Brent Crude Surges Past $100 as Middle East Tensions Escalate

Crude-sensitive stocks took a hit on Tuesday as Brent oil prices surged past $100 per barrel amid escalating tensions in the Middle East. The sharp increase in crude prices raised concerns over higher input costs and inflationary pressures for several Indian companies.

Oil marketing companies (OMCs), tyre makers, and paint stocks were among those trading lower, while upstream producers Oil India and ONGC gained as rising crude prices improved the outlook for oil realisations. Bharat Petroleum Corporation Ltd (BPCL) shares fell 2.88% to Rs 303.90, while Hindustan Petroleum Corporation Ltd (HPCL) declined 2.42% to Rs 348.25.

The weakness in OMC stocks came as Brent crude futures jumped more than 2% to around $99 a barrel, having touched $99.22 earlier in the session, their highest level since July 24. US West Texas Intermediate (WTI) crude climbed more than 3% to around $94.4 a barrel.