New Delhi, Feb. 4 -- Crude oil prices have been rallying in the last few days, putting oil and gas companies in focus. A key reason for the recent crude price surge is escalating geopolitical risk, particularly around Iran and the possibility of conflict.

Markets are pricing in the risk that oil supply could be disrupted if tensions escalate further or if Iran threatens to block the Strait of Hormuz, through which nearly 20% of global crude exports flow.

Here are a few stocks to watch as crude oil prices soar.

ONGC is the nation's largest crude oil producer. When crude oil prices rise, ONGC benefits mainly because it sells its crude at prices linked to global benchmarks.

Higher crude prices increase ONGC's revenue per barrel while mos...