India, March 2 -- Shares of ONGC and Oil India opened higher after the US and Israel launched strikes on Iran over the weekend. ONGC shares rose nearly 4%, while Oil India climbed around 3%. The reason is simple when crude oil prices go up, companies that dig and produce oil earn more money.

Crude Oil Spikes, Then Pulls Back Oil prices jumped as much as 13% right when markets opened, which is a massive single-day move. However, buyers cooled down quickly, and prices trimmed back to around an 8% gain before slipping below $80 per barrel. This kind of sharp spike followed by a pullback is common when war fears drive markets, emotions run high, and then logic takes over.

For every $1 rise in crude oil prices, ONGC and Oil India together ea...