New Delhi, March 9 -- A research note from UBS has flagged rising risks for India's state-owned oil marketing companies as crude oil market volatility intensifies due to geopolitical tensions in West Asia.

According to UBS Global Research, the recent rally in crude prices and refining margins is creating conditions similar to the disruptions seen during the 2022 oil market shock. The brokerage said Indian oil marketing companies are structurally vulnerable to higher crude prices because their earnings are heavily exposed to fuel marketing margins.

UBS said integrated margins for Indian state-owned oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, ...