New Delhi, June 17 -- An imminent end to the West Asia war and the opening up of the Strait of Hormuz come as a big relief to Indian state-run oil marketing companies (OMCs). An agreement between the US and Iran is expected to be signed on 19 June.

In this backdrop, the price of Brent crude oil has dropped below $80 per barrel versus $94 per barrel on 10 June and an intraday high of $116.8 per barrel on 9 March. However, prices are still 7% above the pre-conflict level and 30% higher so far in 2026, raising hopes of a further softening.

Lower crude prices may boost the earnings of OMCs Indian Oil Corp. Ltd (IOC), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL), which had incurred significant losses due to ele...