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IndiGo, Asian Paints, Indian Oil, BPCL: Oil-sensitive stocks tumble as crude oil prices hit 7-day high above $91/barrel
4 min read | Updated on September 01, 2026, 11:40 IST
SUMMARY
Airline, paints, and other oil-sensitive stocks tumbled on Tuesday, September 1, against the backdrop of oil prices surging to a 7-day high level above $91/barrel. Key things to know.
Crude oil prices rallied to a 7-day high of $91.56 per barrel during the trading session on Tuesday, September 1, 2026. | Image: Shutterstock.
Oil-sensitive stocks tumbled during the morning market hours on Tuesday, September 1, as investors reacted to global crude oil prices surging to a 7-day high above $91 per barrel (bbl) amid recent escalations between the United States and Iran in West Asia.
After the opening bell on Tuesday, the sectoral benchmark Nifty Oil & Gas declined 0.8% to an intraday low of 11,013.55 points, in comparison to 11,103.80 points at the previous equity market close.
Oil downstream companies, aviation stocks, tyre stocks and paint stocks, among other oil-sensitive stocks, were witnessing selling pressure during the trading session, while oil upstream companies like Oil India and ONGC, among others, were rising on September 1.
Data showed that the benchmark global crude oil, Brent prices surged to a seven-day high of $91.58 per barrel (bbl) on Tuesday’s market, its highest level since August 25, 2026, due to the escalations in West Asia prompting supply concerns and eroding hopes of a peace deal.
Latest media reports showed that after a month of no military attacks exchanged in the West Asia region, on Monday Iran and the United States traded attacks, further increasing the geopolitical risk in the market.
Iran reportedly fired missiles towards US targets located in Jordan and the United Arab Emirates in a retaliatory move against the US strikes on Iranian rocket launchers on Larak Island.
Oil-sensitive stocks in focus today
| Company name | Current price | Intraday returns | 5-day returns | 1-month returns |
|---|---|---|---|---|
| InterGlobe Aviation (IndiGo) | ₹5,078 | -3.6% | -2.9% | -2% |
| Asian Paints | ₹2,583 | -2.8% | -2% | -5.9% |
| Aegis Logistics | ₹1,226 | -6.6% | -7.2% | -4.2% |
| Berger Paints | ₹495 | -1.1% | -2.8% | -4.8% |
| Bharat Petroleum (BPCL) | ₹318 | -3.4% | 0.1% | -0.3% |
| Hindustan Petroleum (HPCL) | ₹362 | -2% | -2.8% | -6.9% |
| GAIL India | ₹173.45 | -3% | -1.1% | -4.4% |
| Indian Oil | ₹136 | -2.8% | -1.5% | -2.4% |
| Petronet LNG | ₹293 | -2.9% | 0.3% | 4.5% |
Oil prices jump 4% today
Investing.com data showed that the benchmark Brent crude oil prices surged around 4% during the trading session on Tuesday’s market amid rising geopolitical risk and US President Donald Trump’s Venezuela oil deal announcement.
Brent crude oil prices touched an intraday high of $91.58 per bbl on Tuesday’s market, in comparison to $88.37 per bbl at the previous commodity market close, as per the exchange data.
White House on Monday announced that the United States is partnering with North American Blue Energy Partners as the country aims to tap into Venezuela’s oil reserves. The company will have a 100-year right over 17 oil fields in the South American country, which holds at least 65 billion barrels of oil.
However, reports suggest that market experts are sceptical that it is expected to take years to revive Venezuela’s oil production.
In the case of oil-sensitive stocks, oil downstream companies are impacted by higher crude oil prices, as it increases the overall input costs in a particular period, which in turn weighs down the revenue gains.
A higher cost of crude oil in the market increases the raw material purchase costs for these companies, and if the price of energy falls, then these companies gain from the margin benefits.
Other sectors like tyre makers, aviation companies like IndiGo, and paint companies like Asian Paints, among others, are also impacted due to the higher oil prices, as these firms use oil or crude-linked derivatives for their core production or operation.
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