Why share prices upstream oil companies ONGC, Oil India, Seamec saw downwards flow today - Know trigger
Oil India shares took the hit among the majors, declining 2.47% to settle at Rs 453.20 on the BSE. State-run giant ONGC closed 0.38% lower at Rs 264.60.
- Feb 18, 2026,
- Updated Feb 18, 2026 5:16 PM IST
It was a slippery slope for upstream oil companies such as Oil India, Oil and Natural Gas Corporation (ONGC) and Seamec shares, which declined on Wednesday, tracking earlier pressure in the crude markets amid developments in the US-Iran nuclear negotiations.
While the global crude price managed to recover, domestic stocks ended the day in the red.
Oil India shares took the hit among the majors, declining 2.47% to settle at Rs 453.20 on the BSE. State-run giant ONGC closed 0.38% lower at Rs 264.60. Meanwhile, upstream player Seamec also slipped 1.88% to close the session at Rs 1345.60.
Crude prices were initially under heavy pressure in early deals following developments around Iran reaching a ‘general agreement’ with the US on a nuclear deal.
However, the commodity managed a U-turn later in the day. After touching a day’s low of $67.36, Brent crude futures rose 1.63% to trade at $68.52 a barrel at the last check. Similarly, Crude Oil WTI futures recovered lost ground, trading up 1.73% at $63.34.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said “WTI Crude Oil fell to a two-week low of $61.9/bbl on Tuesday after Iran’s foreign minister said recent talks were constructive, with both sides reaching an understanding on the main “guiding principles” of a potential deal.”
“Prices retreated from an intraday high of $64.1/bbl, which had been driven by supply disruption concerns after Iran temporarily closed the Strait of Hormuz, a key global oil transit route, during military drills,” Chainwala said.
It was a slippery slope for upstream oil companies such as Oil India, Oil and Natural Gas Corporation (ONGC) and Seamec shares, which declined on Wednesday, tracking earlier pressure in the crude markets amid developments in the US-Iran nuclear negotiations.
While the global crude price managed to recover, domestic stocks ended the day in the red.
Oil India shares took the hit among the majors, declining 2.47% to settle at Rs 453.20 on the BSE. State-run giant ONGC closed 0.38% lower at Rs 264.60. Meanwhile, upstream player Seamec also slipped 1.88% to close the session at Rs 1345.60.
Crude prices were initially under heavy pressure in early deals following developments around Iran reaching a ‘general agreement’ with the US on a nuclear deal.
However, the commodity managed a U-turn later in the day. After touching a day’s low of $67.36, Brent crude futures rose 1.63% to trade at $68.52 a barrel at the last check. Similarly, Crude Oil WTI futures recovered lost ground, trading up 1.73% at $63.34.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said “WTI Crude Oil fell to a two-week low of $61.9/bbl on Tuesday after Iran’s foreign minister said recent talks were constructive, with both sides reaching an understanding on the main “guiding principles” of a potential deal.”
“Prices retreated from an intraday high of $64.1/bbl, which had been driven by supply disruption concerns after Iran temporarily closed the Strait of Hormuz, a key global oil transit route, during military drills,” Chainwala said.