Shares of oil marketing companies declined more than 2 percent on Monday after the United States and Iran carried out new strikes over the weekend, pushing crude oil prices higher. BPCL led the losses with a drop of 2.63 percent. IOC fell as much as 2.35 percent, and HPCL declined 2.29 percent. The share prices moved lower after international crude oil rates rose over 1 percent following renewed exchanges between the two nations. The developments underscored the uncertain status of their temporary peace agreement and again affected energy shipments through the Strait of Hormuz. At 10:36 a.m., WTI crude oil increased 1.17 percent to 70.04 dollars per barrel, while Brent crude rose 0.65 percent to 72.46 dollars per barrel. In contrast, shares of oil exploration firms advanced more than 1 percent. ONGC reached 236.90 rupees, up 1.6 percent, and Oil India gained 1.16 percent to 411.50 rupees. The increase in global crude prices followed a 10.6 percent decline in Brent last week when shipments through the Strait of Hormuz reached their highest levels since the conflict began in late February. Shipping activity fell again after attacks on vessels starting Thursday, which prompted retaliatory actions and reduced hopes for a lasting agreement.
