Oil prices surge 13% after Iran strikes shut down Strait of Hormuz traffic. Exxon Mobil and Chevron stocks rise on expectations of higher crude prices.

At the time of writing, shares of BPCL were down 2.4% at 376.15 INR, while Indian Oil Corp was at 180.65 INR, down 3.7%. HPCL shares slipped 1.4%. Meanwhile, the conflict with Iran is expected to provide a short-term lift to certain oil stocks.

Oil prices soared and stocks fell in Asia on Monday after US-Israeli strikes on Iran sent investors fleeing the prospect of an extended conflict in the crude-rich Middle East.

Tokyo's benchmark Nikkei 225 stock index slid more than 2.5 percent, or 1,500 points, following the US-Israel attack on Iran. Oil prices spiked.

Aviation stocks witnessed a sharp sell-off on Monday, plunging up to 9% as a spike in global crude oil prices and widespread airspace disruptions rattled investor sentiment.

Aviation stocks experienced a decline on 2 March 2026 as tensions in the Middle East rose. This pushed the prices of crude oil higher and resulted in flight dis

The rise in crude oil prices poses significant risks for India's economy and its oil marketing companies, particularly as OMC stocks decline amidst escalating Middle East tensions. A spike in Brent crude prices could lead to retail fuel price increases,