Mumbai, June 15 -- Hindustan Petroleum Corporation (HPCL) rose 3.68%, Indian Oil Corporation (IOC) gained 2.85%, while Bharat Petroleum Corporation (BPCL) added 2.36%.

The rally came after Brent crude futures declined more than 4% to around $83 per barrel as investors cheered a preliminary agreement between the US and Iran that could pave the way for the reopening of the Strait of Hormuz, one of the world's most important oil shipping routes.

US President Donald Trump said the agreement would lead to the reopening of the Strait of Hormuz and the lifting of the US naval blockade.

The Strait of Hormuz handles roughly one-fifth of global seaborne oil trade. Any disruption to traffic through the route typically raises concerns over supply ...