Oil and Gas Stocks Rise Today: BPCL, GAIL and HPCL Gain Despite Soaring Crude Oil Prices Amid US-Iran War
- July 9, 2026
- Posted by: Ankit Jaiswal
- Category: News
Oil and gas stocks today: BPCL Rs 306.30 up 0.91%. GAIL Rs 170.78-171 up 0.91-1.18%. HPCL Rs 391.55 up 1.21%. Brent crude near $78.8 after fresh US strikes on Iran. IOC nearly flat, up 0.14%.
Oil and gas stocks are trading higher today even as crude oil prices remain elevated following fresh US strikes against Iran, a combination that on the surface appears counterintuitive given that costlier crude typically pressures the margins of India’s oil marketing companies. Hindustan Petroleum Corporation, GAIL India and Bharat Petroleum Corporation are among the stocks bucking the trend in today’s session.
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Oil and Gas Stocks: Today’s Price Action
The table below shows how key oil and gas stocks are trading today.
| Company | Price | Change |
|---|---|---|
| Hindustan Petroleum Corporation | Rs 391.55 | +1.21 percent |
| GAIL India | Rs 170.78 to Rs 171.00 | +0.91 to +1.18 percent |
| Bharat Petroleum Corporation | Rs 306.30 | +0.91 percent |
| Indian Oil Corporation | Rs 137.82 | +0.14 percent |
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Why Oil and Gas Stocks Are Bucking the Usual Crude Price Logic
The conventional relationship between oil marketing companies and crude oil prices is inverse: when crude gets more expensive, OMCs like BPCL, HPCL and Indian Oil Corporation typically see their marketing margins on petrol and diesel come under pressure, since retail fuel prices in India do not always move in lockstep with international crude prices. With Brent crude trading near 78.8 dollars a barrel after the US launched fresh strikes against Iran, reigniting concerns over the broader Iran war and potential disruption to supplies through the Strait of Hormuz, the expectation would ordinarily be for OMC stocks to underperform rather than lead gains.
Today’s rally in oil and gas stocks appears to be driven primarily by the broader market’s strength rather than sector-specific fundamentals. With the Sensex up over 500 points and India VIX falling sharply by more than 10 percent, risk appetite has improved markedly across nearly all sectors in today’s session, and oil and gas stocks, despite the crude price overhang, are being carried higher along with the broader market rather than moving on their own distinct catalyst.
HPCL and GAIL Lead the Gains Among Oil and Gas Stocks
Hindustan Petroleum Corporation is showing relatively stronger gains among the group, up around 1.21 percent, while GAIL India, which operates primarily as a natural gas transmission, trading and marketing company rather than a crude oil refiner, is up between 0.91 and 1.18 percent depending on the exchange. GAIL’s business model differs meaningfully from pure oil marketing companies, since its revenues are more closely tied to natural gas transmission tariffs and trading margins, which are not as directly exposed to crude oil price swings as petrol and diesel marketing margins are.
Bharat Petroleum Corporation is up a more modest 0.91 percent, while Indian Oil Corporation, the largest of the public sector oil marketing companies by scale, is only marginally positive at about 0.14 percent, a relatively muted move that may reflect the market pricing in some caution around margin pressure at the country’s biggest fuel retailer even as smaller peers post stronger gains.
The Crude Oil Backdrop Driving Oil and Gas Stocks Today
The renewed US strikes against Iran have kept crude oil prices on edge, denting hopes for a near-term resolution to the Iran war and for the full reopening of shipping through the Strait of Hormuz, a chokepoint that handles a substantial share of pre-conflict global oil supplies. For India, a large net importer of crude, sustained high oil prices remain a structural headwind, widening the import bill, pressuring the rupee, and stoking broader inflation concerns, all factors that could eventually weigh on oil and gas stocks if crude prices stay elevated for an extended period even as today’s session shows them moving higher alongside the broader market.
What Investors Should Watch Next for Oil and Gas Stocks
Investors tracking oil and gas stocks should be cautious about reading today’s gains as a signal that the crude price headwind has been resolved. The more reliable indicators to watch will be how OMC marketing margins hold up in upcoming quarterly results, any government commentary on fuel price revisions, and whether crude oil prices stabilise or continue climbing if Gulf tensions persist. A sustained period of elevated crude prices without corresponding retail fuel price adjustments would typically translate into margin compression for BPCL, HPCL and Indian Oil Corporation in subsequent quarters, regardless of how the stocks trade on any single day driven by broader market sentiment.
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Conclusion
Today’s gains in oil and gas stocks, led by HPCL and GAIL India, reflect the pull of a broadly positive market session more than any improvement in the sector’s underlying crude price dynamics. With Brent crude still elevated near 78.8 dollars a barrel amid ongoing US-Iran tensions, investors should watch margin trends closely in the coming quarters rather than extrapolating today’s single-session strength into a lasting positive view on oil and gas stocks.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions FAQs
Why are oil and gas stocks rising despite higher crude oil prices?
Ans. Oil and gas stocks including BPCL, GAIL and HPCL are rising today largely on the back of broad-based market strength, with the Sensex up over 500 points and India VIX falling sharply, which is lifting most sectors including oil marketing companies, even though higher crude oil prices would typically be expected to pressure their marketing margins.
Which oil and gas stocks are gaining the most today?
Ans. Hindustan Petroleum Corporation is among the stronger gainers, up around 1.21 percent, followed by GAIL India up between 0.91 and 1.18 percent and Bharat Petroleum Corporation up 0.91 percent, while Indian Oil Corporation is only marginally higher at about 0.14 percent.
Why would higher crude oil prices normally hurt oil marketing companies like BPCL and HPCL?
Ans. Oil marketing companies purchase crude oil as a key raw material and sell refined fuel products, often at regulated or slow-to-adjust retail prices, so when crude oil costs rise faster than retail fuel prices can be revised, their marketing margins on petrol and diesel typically get squeezed, which is why sustained high crude prices are usually seen as a negative for OMC stocks.
What is driving crude oil prices higher currently?
Ans. Crude oil prices have remained elevated after the US launched fresh strikes against Iran, reigniting concerns about the Iran war and the potential disruption to oil supplies through the Strait of Hormuz, with Brent crude trading near 78.8 dollars a barrel.
How is GAIL India different from pure oil marketing companies?
Ans. GAIL India is primarily a natural gas transmission, trading and marketing company rather than a crude oil refiner or fuel retailer, so its business is more directly tied to natural gas demand and pricing dynamics, which can behave differently from crude oil driven margin pressures affecting BPCL and HPCL.
Should investors read today’s oil and gas stock gains as a sector rerating?
Ans. A single day of gains driven primarily by broad market sentiment rather than sector-specific fundamentals should not be read as a lasting rerating, and investors should watch whether crude oil prices stabilise or ease, and how marketing margins hold up in the companies’ upcoming quarterly results, before drawing conclusions about a sustained shift in sector outlook.
