ONGC, Oil India Shares Soar 10% as Crude Prices Hit Four-Month High

• Shares of ONGC and Oil India rallied up to 10% on Wednesday, January 28.
• The surge is attributed to global crude oil prices reaching a four-month high, with Brent Crude near $68 per barrel.
• Factors contributing to rising oil prices include a weak US Dollar and geopolitical tensions, specifically a possible US attack on Iran.
• Rising oil prices benefit upstream companies like ONGC and Oil India, with every dollar increase potentially boosting annual revenue by ₹300-₹400 crore.
• Oil India shares are up 14% and ONGC shares are up 10% so far in January, showing consistent positive returns in this month over recent years.

Why It Matters: ONGC and Oil India shares surged due to rising crude oil prices, significantly boosting their revenue prospects.