New Delhi, March 3 -- The market's reaction to the joint US-Israel strikes on Iran wasn't exactly subtle. The war is choking the Strait of Hormuz, hurting tanker flows and causing oil markets to react. Brent crude price is now at $78 a barrel.

Back home, the benchmark Nifty 50 index fell by 1.2% on Monday, while shares of state-run Indian oil marketing companies (OMCs) were down around 4%. OMCs include Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd (IOCL).

Investors in OMC stocks now face heightened concern as peak earnings coincide with increasing tail risks. Even before the latest escalation in Iran, stock prices remained stagnant despite a blockbuster December quarter (Q3FY26) in whic...