Bullish for ONGC, OIL: Crude Jumps 85% on Iran War; Upstream Stocks to Watch

Brent crude prices surged by approximately 85% from $61.98 to $114.57 per barrel in early 2026, following the outbreak of the Iran war. This significant increase in global oil benchmarks directly translates to higher realizations for crude oil producers.

For the Indian stock market, this matters immensely for companies involved in oil exploration and production. Higher crude prices directly boost their revenue and profit margins, leading to improved financial performance and potentially higher stock valuations. While the news is a month old, the underlying geopolitical tensions and their impact on crude prices can have lingering effects.

Upstream oil companies like ONGC and OIL India are direct beneficiaries, as their core business revolves around crude oil production. Reliance Industries (RELIANCE) also stands to gain from its exploration and production segment. GAIL (GAIL) might see a positive impact due to its diversified energy portfolio. Downstream companies, however, might face margin pressure if they cannot pass on the increased costs.

Traders should monitor the ongoing geopolitical situation in the Middle East for further escalation or de-escalation, which will dictate crude price movements. Also, watch for quarterly results of these companies to see the actual impact of higher crude prices on their profitability and any government interventions on windfall taxes or pricing policies.

• •Brent crude started 2026 at approximately $61.98 per barrel.
• •Brent crude surged to around $114.57 by March 27, 2026.
• •The price surge followed the outbreak of the Iran war on February 28, 2026.