HPCL, BPCL, IOC shares fall up to 6% as US-Iran war brings oil prices on boil

Shares of India's downstream oil refiners, including Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd. (BPCL), and Indian Oil Corporation Ltd (IOC) slipped up to 6% in early deals amid a surge in crude oil prices as war between US and Iran escalates. 

BPCL shares fell 6%, HPCL lost 5.3% and IOC stock lost 5% in early deals. 

The increase in crude prices poses a challenge for oil marketing companies as raw material costs rise and impact their margins. 

This follows a surge in crude oil prices, with Brent crude prices rising 12.37% to $81.89 per barrel. The rise in crude prices is attributed to escalating geopolitical tensions in the Middle East as US-Iran war escalates.