US-Iran war: BPCL, GAIL to HPCL — oil and gas stocks rise despite soaring crude oil prices

Oil and gas stocks rallied on Thursday despite a sharp rise in global crude oil prices. The gains pushed the Nifty Oil & Gas index up nearly 1%.

Mahanagar Gas shares emerged as the top performer on the Nifty Oil & Gas index, rallying nearly 3%. It was followed by Petronet LNG, Reliance Industries, Indraprastha Gas, GAIL (India), Adani Total Gas, Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL), with each stock gaining more than 1%.

The rally in oil and gas shares came even as crude oil prices climbed sharply in the international market after fresh US strikes on Iran dampened hopes of a full reopening of the Strait of Hormuz — a critical maritime route through which around one-fifth of global oil supplies passed before the conflict.

Brent crude futures rose 1.15% to $78.92 a barrel, while US West Texas Intermediate (WTI) crude futures gained 1.22% to $74.42 a barrel.

With the US-Iran war disrupting global energy supplies and keeping crude oil prices elevated and volatile, oil and gas companies are expected to report a mixed performance for the first quarter of FY27.

Oil Marketing Companies (OMCs) are likely to post inventory and marketing losses due to higher crude prices during April and May, weighing on their Q1 results. In contrast, upstream companies are expected to benefit from stronger realizations amid higher crude oil and natural gas prices, supporting robust year-on-year EBITDA growth during the quarter, analysts said.

Kotak Institutional Equities expects consolidated EBITDA of Reliance Industries to rise 8.4% YoY and 5.4% QoQ, driven by O2C business. The brokerage firm expects a good result for GAIL India, while it sees higher spot volumes to offset the Strait of Hormuz disruption for Petronet LNG.

With the full impact of price hikes not reflecting in Q1, it expects weak results for Indraprastha Gas and Mahanagar Gas.

Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.

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