Reliance Industries, ONGC shares in focus as oil jumps 8% near $100. Will prices hit $200?
Analysis of this story by et_markets · 12 Mar 2026, 8:22 AM IST (about 2 months ago)
AI Analysis
Rising crude oil prices directly enhance the profitability of Indian upstream oil and gas companies. This trend is a significant tailwind for the energy sector's exploration and production segment.
Trading Insight
Maintain a bullish bias on upstream oil and gas stocks, with a close watch on geopolitical developments and global supply dynamics.
Quick check: RELIANCE neutral (-1.6% 1d), ONGC neutral (+0.1% 1d).
Key Evidence
- •Oil prices surged over 7%, pushing Brent close to $100 per barrel.
- •Escalating Middle East tensions and supply disruption concerns are driving the price rally.
- •Upstream oil stocks such as Reliance Industries, ONGC, and Oil India are expected to be in focus.
- •Geopolitical risks raise fears that crude prices could spike further, potentially to $200.
- •Risk flag: Sudden de-escalation of Middle East tensions could lead to a sharp correction in crude prices.
Affected Stocks
RELIANCEReliance Industries
Positive
Upstream oil operations benefit from higher crude prices.
ONGCOil and Natural Gas Corporation
Positive
As a major upstream oil producer, higher crude prices directly boost revenue and profitability.
OILOil India
Positive
Upstream oil operations benefit from higher crude prices.
Sectors:Energy
Sources and updates
Original source: et_markets
Published: 12 Mar 2026, 8:22 AM IST
Last updated on Anadi News: 12 Mar 2026, 9:00 AM IST
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