Rising Oil Prices Drag Crude-Sensitive Stocks Lower; OMCs Lead Decline

Shares of crude-sensitive companies such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), InterGlobe Aviation and Eternal ended lower on May 18 as rising global crude oil prices and escalating tensions in West Asia weighed on investor sentiment.

The selloff came after Brent crude oil prices crossed the $111-per-barrel mark following reports of a drone strike on the Barakah nuclear power plant in the United Arab Emirates (UAE), raising concerns over possible supply disruptions in the region.