Oil prices could rise to $150 per barrel as a massive Gulf supply disruption forces demand destruction, with $200 possible if the conflict persists, says Wood Mackenzie
Brent crude briefly surged to $120 a barrel amid supply disruptions in West Asia. Analysts warn that the Iran war could reshape oil price trajectories and pose fresh risks to India's energy security
Sensex Today | Stock Market Highlights, Tuesday: The Nifty MidCap and the Nifty SmallCap indices were trading 1.62 per cent and 2.12 per cent higher, respectively.
If global crude averages $110-115 per barrel in FY27, India's net oil imports could rise by $56-64 billion annually, worsening the current account deficit and fuelling inflation
On March 9, the combined market cap of all BSE-listed companies had fallen by ₹12.78 trillion, sliding to ₹436.89 trillion from the previous session's close of ₹449.68 trillion
Some barrels from US are fetching their biggest premium since 2020, and value of major Norwegian grade, which moves almost lockstep with Brent, has gained more than $5 on the benchmark this week
The rupee slid to a new low of 92.30 per dollar as tensions in West Asia drove crude higher, before recovering after RBI sold dollars and bought bonds to curb volatility
On the upside, the 25,350-25,500 band now acts as a key resistance area for the Nifty, according to Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth tech firm
On the flip side, a deal between the US and Iran coupled with the excess global supply/capacity could see limit the upside after a volatile phase, analysts said.
The prospects for OIL and ONGC may improve - with volume growth, stronger gas realisations and delta from refining/downstream subsidiaries likely aiding consolidated earnings momentum, say analysts.
Since oil and gas prices did not join other commodities in their run up in the last few months, analysts believe they are likely to remain sideways at best, unless geopolitical events trigger a rally
