Brent Crude Surpasses $111 per Barrel, Extends Six-Day Rally

Brent Crude Price Surges to Six-Month High, Impacting Indian Oil Companies

Brent crude prices rose for the sixth consecutive session on Tuesday, crossing the USD 111 per barrel mark for the first time since April 7, 2026. This surge in prices is expected to boost upstream oil stocks while placing pressure on oil marketing companies.

Upstream firms such as Oil and Natural Gas Corporation and Oil India, which engage in exploration and production of crude oil, benefit from higher prices. As a result, their realisations and earnings improve. According to trade data, futures contracts of Brent crude for July 2026 delivery on London's ICE crossed USD 111 per barrel for the first time since April 7, 2026.

The upward trend in Brent crude prices had a positive impact on the shares of Oil and Natural Gas Corporation. The company's shares rose by 4.44 percent to hit a fresh 52-week high of Rs 298.6 per share on the NSE. Notably, the stock has gained for the last two sessions and is up 5 percent during the period.

Read also: FirstClub Secures $55 Million in Funding from Peak XV, Sofina, and Other Investors 9 Months After $22 Million Series A Round

Oil India shares also advanced 4.42 percent to Rs 497.25 apiece, marking gains for the second straight session.

However, downstream oil companies, which are involved in refining crude oil and selling petroleum products, came under pressure due to higher crude prices. The increase in input costs and impact on margins resulted in a decline in shares of Indian Oil Corporation by up to 1 percent. Additionally, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited fell 1.81 percent and 0.55 percent, respectively, around 2:45 pm.