Brent Crude oil futures topped the $100 per barrel mark on Wednesday, after a gap of more than three months. Brent crude oil futures last traded above $100-mark on May 25, 2026.
Brent Oil futures hit an intra-day high of $100.19 in international trade on Wednesday, quoting 2 per cent higher. Oil prices have surged nearly 43 per cent from a low of $70.14 in late June amid renewed US-Iran conflicts.
The Nifty Oil & Gas index, however, was seen holding a gain of 0.2 per cent at 11,070 led by a sharp rally in Aegis Logistics and Aegis Vopak. Earlier in the day, the index slipped to an intra-day low of 10,980.55.
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking attributed the recent spike in crude oil prices to heightened tensions in West Asia.
“The US struck Iranian tankers near Kharg Island, prompting missile retaliation and warnings to Gulf tanker crews. Houthi militants also hit Saudi Arabia’s Jazan refinery,” said Yadav.
The analyst further added that stronger Chinese demand is now pushing up African, Canadian and Latin American crude prices as refiners seek alternatives amid Hormuz disruptions.
Mohammed Imran, Research Analyst at Mirae Asset Sharekhan highlights that the global oil market is facing an acute shortage of middle distillates in 2026 as the US–Iran conflict and blockade of the Strait of Hormuz disrupt the flow of Middle Eastern crude, which remains the lifeline for Asian refiners.
“Between April and July, Asia’s refinery runs fell sharply: China’s throughput dropped from 15.4 million bpd before the Iran war to as low as 13.4 million bpd, while state refiners’ run rates slipped to nearly 66 per cent, a record low. Japan and South Korea also cut utilisation to around 65 per cent, compared with normal operating levels of 70–80 per cent,” explains Imran.
Going forward, the analyst from Mirae Asset Sharekhan remains bullish on crude oil as buffer stocks are set to become wafer-thin into Q42026 and the US–Iran standoff shows no sign of resolution.
“If the conflict persists, Brent could gradually move towards $115/bbl by October-November, while WTI may trade above $105/bbl during the same period, supported by strained inventories and persistent supply disruption,” says Imran.
Nifty Oil & Gas stocks then & now
An analysis of the Nifty Oil & Gas stocks with reference to Brent crude oil futures hitting the $100/bbl mark shows that nearly 50 per cent, i.e. 7 out of 15 Nifty Oil & Gas stocks are holding losses compared to the May 25, 2026 levels. The Nifty Oil & Gas index quotes 3.9 per cent lower when compared to the May levels. Among individual stocks – Aegis Logistics from the Nifty Oil & Gas index is the standout performer, up over 82 per cent to ₹1,331 on Wednesday (today) as against ₹731 on May 25, 2026. Aegis Vopak Terminals and Chennai Petroleum Corporation are the other major movers – up 53.8 per cent and 41.9 per cent, respectively. Among others, Petronet LNG, Oil India, Castrol India and GAIL (India) advanced 2-4 per cent, shows data. On the flip side, ONGC stock has since slipped another 17 per cent to ₹236, and Hindustan Petroleum Corporation (HPCL) dipped over 13 per cent to ₹350. Adani Total Gas, Indian Oil Corporation (IOC), Reliance Industries and Indraprastha Gas are down in the range of 4-6 per cent each. View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.
