RIL, HPCL and other downstream stocks soar up to 9% as crude crashes 15% after the US-Iran ceasefire. What’s next for investors?
Shares of Reliance, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) among others rallied up to 9% on Wednesday after crude oil prices plunged nearly 15%, following U.S. President Donald Trump’s announcement of a two-week ceasefire with Iran, linked to the immediate and safe reopening of the Strait of Hormuz, a key route that handles about one-fifth of global oil flows.The development holds major significance for downstream sto...
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