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The ONGC stock rally comes as global crude oil futures jumped on escalating Middle East tensions, with Brent oil futures reaching $75.67, up 9.10%, and WTI crude at $74.38, up 9.32$%.
Oil & Natural Gas Corporation Limited (ONGC) shares gained ground on Friday, trading at ₹250.09, up 2.21 points (0.89 per cent) from the previous close of ₹247.88, as crude oil prices surged over 9 per cent following Israeli strikes against Iran.
The stock opened higher at ₹255.55 and touched an intraday high of ₹255.95 before settling lower. The rally comes as global crude oil futures jumped on escalating Middle East tensions, with Brent oil futures reaching $75.67, up 9.10 per cent, and WTI crude at $74.38, up 9.32 per cent.
“Crude oil futures surged over 10 per cent to $76 per barrel, the highest in two months, as escalating tensions between Israel and Iran sparked fears of severe supply disruptions,” said Rahul Kalantri, VP Commodities at Mehta Equities Ltd. The conflict raises concerns about potential threats to the Strait of Hormuz, a critical global oil transit route.
Supporting the price rally, US crude inventories declined more than expected, indicating strong demand. Weaker US inflation data has also reinforced expectations of a Federal Reserve rate cut by September, potentially boosting future oil demand.
On the Multi Commodity Exchange, June crude oil futures traded at ₹6,194, up 5.99 per cent from the previous close of ₹5,844. Kalantri expects crude oil to remain volatile, with support at $70.40-68.50 and resistance at $74.00-75.20.
Published on June 13, 2025
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