Petronet LNG shares post best day in over five months after LNG tanker Disha crosses Strait of Hormuz

Shares of the country's leading liquified natural gas (LNG) company, Petronet LNG, rose as much as 6%, its biggest single-day gain since January 28, to hit an intraday high of ₹291 on the National Stock Exchange on Monday, June 15. The stock came under buying interest after a report suggested that an Indian tanker carrying liquified natural gas crossed the Strait of Hormuz following a peace deal between the United States and Iran.

On the BSE, Petronet LNG shares advanced as much as 5.76% to hit an intraday high of ₹290.65.

The vessel, carrying Qatari liquefied natural gas cargo, had been previously stranded in the Gulf for over three months. Its movement follows recent US-Iran deals aimed at lifting blockades and reopening the vital waterway, the report added.

The Strait of Hormuz, a key waterway through which a fifth of global oil and gas flows, was shut after United States and Israel attacked Iran. However, according to President Donald Trump the waterway will reopen following a peace accord between US and Iran.

Trump confirmed the deal and authorised an end to the US naval blockade of Iranian ports. But it may take months for oil prices to stabilise after the disruptions from the war caused them to surge, pushing costs up gasoline and many other products.

Details of the deal were not immediately released and Iran signalled implementation would not start until the signing, which key mediator Pakistan said would occur Friday in Switzerland. It could provide a way to end a war that killed thousands across the Middle East, including the top leaders of Iran’s theocracy, and sparked a historic energy crisis.

As of 11:01 am, Petronet LNG shares traded 5% higher at ₹289, outperforming the NIFTY LARGEMIDCAP 250 index which was up 1.8%.