ONGC Shares Soar on Global Crude Price Rally Amid US-Iran Tensions

Oil exploration company ONGC saw its shares surge over 3% in early trade on Thursday, mirroring a sharp rally in global crude oil prices.

The increase in oil prices is attributed to escalating geopolitical tensions in the Middle East, particularly between the United States and Iran. Reports suggest the U.S. is preparing to evacuate non-essential staff from its embassy in Baghdad, sparking concerns over regional stability and potential supply disruptions in the global oil market.

Brent crude futures rose $2.90 or 4.3% to close at $69.77 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $3.17 or 4.9%, ending at $68.15 per barrel.