OMC Shares Slip as Crude Surges Past $70/b Amid Geopolitical Tensions

• Indian OMCs' shares fell as global crude oil prices exceeded $70 per barrel.
• BPCL, HPCL, and Indian Oil Corporation Ltd saw declines in their stock prices.
• Brent crude climbed over 4% due to escalating geopolitical tensions in the Middle East and Eastern Europe.
• Fears of US military intervention in Iran and reports of Strait of Hormuz closure added to supply concerns.
• Crude prices also supported by a decline in US crude inventories and strong US macro data.