Petroleum Stocks Rise as Crude Oil Prices Exceed $103 Amid West Asia Tensions

Petroleum stocks, including MOIL and Chennai Petroleum Corporation, surged up to 16% amid rising crude oil prices, which crossed $103 per barrel due to escalating tensions in West Asia. The Nifty Oil Gas index also saw gains, led by companies like Aegis Logistics and Oil India. The rise in oil prices is linked to concerns over supply disruptions from the US-Israel conflict with Iran, while India is negotiating additional supply routes to secure energy imports. Indian equity benchmarks showed steady gains during this period.