New Delhi, March 16 -- Indian oil marketing company (OMC) stocks remained under pressure on Monday as crude oil prices stayed above the key psychological mark of $100 per barrel and hopes of a diplomatic breakthrough in the Iran-Israel-US war remained elusive.

With the Strait of Hormuz effectively shut to traffic, investors are increasingly pricing in the risk of prolonged disruption to global oil flows, a development that could keep input costs elevated and weigh on the earnings outlook for oil marketing companies.

Shares of Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation fell sharply during the session.

IOC dropped 5.3% to its day's low of Rs.148.15, HPCL declined 5% to Rs.350.50, and BPCL sli...