ONGC shares jump 3% as Brent Crude spikes over 12% on Mideast tensions
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Shares of Oil and Natural Gas Corporation (ONGC) jumped over 3% on Friday, reaching a day's high of Rs 255.40 on the BSE, as Brent crude futures experienced a significant spike. Brent crude prices rose by $6 to $75.36 per barrel, marking their highest levels in months, driven by a dramatic escalation in geopolitical tensions in the Middle East following Israel's airstrike on Iran. The airstrike, which targeted Iran's nuclear infrastructure and ballistic missile capabilities, has sparked widespread concerns over potential disruptions in global oil supplies. This news has sent oil prices soaring, with traders pricing in a heightened risk premium amid fears of further conflict in the region, especially concerning the Strait of Hormuz, a vital passage for global oil shipments. Saul Kavonic, senior energy analyst at MST Marquee, noted that while disruptions to oil supply are not imminent, the geopolitical tensions have significantl...