New Delhi, March 19 -- The crude oil price rise is creating havoc for Indian oil marketing companies (OMCs), whose shares tumbled up to 7% in intraday deals on Thursday, March 19, taking the month-to-date fall to nearly 25%.

The Brent crude futures surged over 3% to top $114 per barrel after the flare-up in the war in the Middle East, involving attacks on Middle East energy facilities. Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war.

Following this development, OMC stocks - Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) - lost 4-7%.

HPCL share price declined the most a...