OMC Stocks Surge 5% as Oil Prices Drop on Easing US-Iran Tensions; Oil India, ONGC Fall

• Oil Marketing Companies (OMC) shares rose up to 5% on February 2 due to easing US-Iran tensions, boosting investor sentiment.
• Brent crude futures fell 4.8% to $66.02 per barrel, and U.S. West Texas Intermediate crude dropped nearly 5% to $61.98 per barrel.
• The decline in oil prices followed US President Donald Trump's statement that Iran was "seriously talking" about negotiations.
• Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOC) shares gained sharply.
• Conversely, oil explorers Oil India shares tumbled over 5%, while Oil & Natural Gas Corporation (ONGC) shares gained nearly 3%.

Why It Matters: OMC stocks surged due to declining oil prices amid easing US-Iran tensions, while oil explorers saw mixed results.