ONGC, Oil India Shares Surge on Iran War Oil Spike; JPMorgan Recommends Strategy

• ONGC and Oil India shares rose significantly after global crude oil prices surged due to US and Israel attacks on Iran.
• Crude oil prices initially jumped 13% before settling around 8%, benefiting upstream producers like ONGC and Oil India.
• JPMorgan advises that higher oil prices are positive for upstream companies but negative for oil marketing companies.
• The brokerage suggests accumulating oil marketing companies on corrections if the Iran conflict is short-lived, and booking profits in upstream names.
• The US-Israel strikes on Iran have intensified Middle East tensions, with Iran retaliating and concerns rising over the Strait of Hormuz.