Reliance to IndiGo: Here’s how oil-sensitive stocks are performing on September 9

Oil-sensitive stocks like Reliance, Indian Oil, BPCL, InterGlobe Aviation (IndiGo), Asian Paints, among others were witnessing selling pressure on Wednesday, September 9, as investors reacted to global crude oil prices touching a 15-week high amid the elevated tensions in West Asia.

NSE data showed that due to subdued sentiment in the market, the sectoral benchmark Nifty Oil & Gas lost 0.58% during the early market hours to 10,980.55 points on Wednesday’s market, in comparison to 11,044.75 points at the previous equity market close.

Although the index opened lower on September 9, Nifty Oil & Gas recovered during the morning market hours due to buying momentum in stocks like Aegis Logistics, Chennai Petroleum, and Aegis Vopak, while oil market company (OMC) stocks were down in the red.

As of 11:07 am (IST), Nifty Oil & Gas was up 0.20% at 11,066.95 points on Wednesday’s market.

Due to the elevated crude oil prices in the market, oil downstream companies like OMC stocks, aviation stocks, tyre stocks, and paint stocks, among others, were witnessing selling pressure, while the upstream companies gained from the higher rates.

After trading lower during the morning hours, certain oil and gas stocks recovered from their losses with buying support from investors amid a wider market sell-off.

“The renewed hostilities between Iran and US, pose a challenge for the limited crude oil supplies coming through the Strait of Hormuz. Further, as Iran threatens to establish a new restricted maritime zone extending beyond the Strait of Hormuz, additional energy flows beyond the latter could be at risk,” said Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings at ICRA.

Vasisht also said that as a result of the surge in crude prices, marketing margins on auto fuels are likely to turn negative and domestic LPG under-recoveries could increase from the current Rs 200/cylinder.

Oil-sensitive stocks in focus

Crude oil hits 15-week high

Data showed that crude oil prices surged to a 15-week high nearing $100 per barrel (bbl) levels as commodity market investors remained cautious due to the re-escalation and military attacks between the United States and Iran in West Asia.

Investing.com data showed that the benchmark Brent crude oil prices surged to a 15-week high of $99.69 per bbl on Wednesday’s market, its highest level since May 26, 2026, amid no signs of a near-term peace agreement for the region.

In the last two weeks, the conflict in West Asia returned to military action from economic threats as both the United States and Iran reignited military attacks in West Asia, threatening the supply of oil via the Strait of Hormuz.

As of 10:51 am (IST), Brent crude oil prices were trading 1.13% higher at $99.03 per bbl on September 9, in comparison to $97.92 per bbl at the previous market close, as per the exchange data.

Experts from Goldman Sachs predict that if the risks and supply chain disruptions prevail in the global market, crude oil prices can potentially hit $120 per barrel with the production output from the Gulf region falling below pre-war levels.

The analysts also increased their forecast for Brent and WTI crude oil prices by $5 per barrel (bbl) to the range of $80-85 per bbl for December 2026.

US attacks Iranian oil tankers

Latest update from US Central Command showed that the American forces carried out military strikes, destroying five Iranian crude oil carriers on Tuesday, September 8, in response to the Islamic Revolutionary Guard Corps (IRGC) targeting a US Navy warship over the last two days.

“The US warship successfully evaded the attempted Iranian attacks and continued to patrol regional waters. No American personnel were harmed,” said CENTCOM in its official statement.

According to a report from CNN, four of those tankers were in the Gulf of Oman, and one was near Kharg Island, the hub for Iranian oil exports.

Last week, US military forces carried out three military strikes on Iranian crude oil carriers in response to the IRGC launching missiles towards US Navy warships.