New Delhi: Shares of Oil India soared to a 52-week high on Wednesday, closing at ₹492 on the BSE, up 9.6% in intraday trading. The stock has gained 13% over the past two sessions, driven by a sharp rise in global crude oil prices amid geopolitical tensions.
Concerns over escalating conflicts between the U.S. and Iran, ongoing Russia-Ukraine tensions, and recent severe winter storms in the U.S. affecting oil production and exports have strengthened market sentiment. Brent crude futures rose 34 cents to $67.91 per barrel, hitting a four-month peak.
The surge followed remarks by U.S. President Donald Trump, who announced that an additional U.S. naval fleet is moving toward Iran, raising speculation about potential military action. “Another beautiful fleet is heading toward Iran… I hope they make a deal,” Trump said, fueling crude price volatility.
Higher crude prices are particularly beneficial for upstream oil companies like Oil India, as even a $1 increase in oil can significantly boost annual revenues. HDFC Securities senior technical analyst Nagraj Shetty suggests buying the stock with a 2–3 week investment horizon, noting that recent downtrends appear to be reversing sharply.
An OPEC Plus meeting is scheduled for 1 February, which could further influence global oil prices.
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