Israel-Iran war, June 29 -- Shares of India's state-owned oil marketing companies (OMCs) have experienced a significant rally in recent trading sessions. The rally picked up significant pace on June 24 as IOC, BPCL, and HPCL all opened with a gap-up.

This surge followed a steep overnight decline of over 7 per cent in global crude oil prices, driven by the announcement of a formal ceasefire between Israel and Iran. Brent crude, which had been trading above $75 per barrel amid heightened tensions, fell below $70, sparking optimism among oil-importing countries like India.

Indian Oil Corporation (IOC) share price has gained nearly 5.2 percent, moving from around Rs.140 to Rs.147. Bharat Petroleum Corporation Ltd (BPCL) has risen by about 6...