ONGC, Oil India and 3 Other Oil Stocks Jump Up to 53% in Last 3 Days Amid Middle East Tension

Synopsis: Rising tensions in the Middle East have disrupted traffic through the Strait of Hormuz, pushing crude prices higher and boosting Indian oil exploration and oilfield service stocks.

As of early March 2026, the global energy landscape is facing a severe stress test. With the severe disruption to traffic through the Strait of Hormuz following military strikes involving the US, Israel, and Iran, the “risk premium” on oil has skyrocketed.

For India, which imports over 88% of its crude—nearly half of which transits through this narrow chokepoint—the disruption is a double-edged sword. While it threatens the broader economy with inflation, it has created a massive tailwind for domestic Exploration and Production (E&P) and Oilfield Service companies.

The Strategic Shift: Why Domestic Oil Stocks are Rising

When the Strait of Hormuz is blocked, the “landed cost” of imported oil rises due to higher freight, massive jumps in war-risk insurance, and global price spikes (Brent crude has surged above $80). In this scenario, every barrel produced inside India or serviced by Indian rigs becomes exponentially more valuable and secure.

Jindal Drilling & Industries, part of the Dharam Pal Jindal Group, is a leading Indian company in offshore drilling and allied services, including directional drilling and mud logging. Which provides offshore drilling services, operating jack-up rigs for oil and gas exploration, horizontal/directional drilling, and mud logging services.

With the market capitalization of Rs 1,827 crore, the share of this company made a high of Rs 680 per share, up by 52.8 percent from its Monday open price since Rising crude prices and supply uncertainty may increase offshore exploration activity, boosting demand for drilling rigs and oilfield services.

Hindustan Oil Exploration Company Limited was incorporated in 1983, It is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. The company is India’s first private E&P company and its assets are geographically spread across Tamil Nadu, Maharashtra, Gujarat, Assam and Arunachal Pradesh.

With the market capitalization of Rs 2,055 crore, the share of this company made a high of Rs 160.25 per share, up by 20.48 percent from its Monday open price since Higher global oil prices improve realisations for domestic producers, making local exploration and production assets more valuable during supply disruptions.

Incorporated in 1985, Selan Exploration Technology Ltd is in the business of oil & gas exploration and production. Primarily focused on onshore oil drilling, exploration, and production, while it operates five oil and gas fields, including Bakrol, Lohar, Karjisan, Elao, and Cambay.

With the market capitalization of Rs 1,986 crore, the share of this company made a high of Rs 579.90 per share, up by 12.8 percent from its Monday open price, since the smaller upstream producers often benefit from rising crude prices, as higher realisations can strengthen the revenue outlook for onshore oil producers.

Oil India Ltd is engaged in the exploration, development, and production of crude oil & natural gas, the production of LPG, the transportation of crude oil & natural gas, and the generation of renewable energy. It also provides various E&P-related services for oil blocks.

With the market capitalization of Rs 81,314 crore, the share of this company made a high of Rs 502.35 per share today, up by 5.5 percent from its Monday open price, as a mid-cap upstream producer, the stock has remained relatively stable despite volatility, as rising crude prices support earnings expectations during geopolitical disruptions.

ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production. The company specialises in the exploration and production of crude oil and natural gas. It has joint ventures for oil fields in Vietnam, Norway, Egypt, Tunisia, Iran, and Australia. ONGC contributes to 70% of India’s crude oil and around 84% of its natural gas production

With a market capitalisation of Rs 3,58,915 crore, the share of this company made a high of Rs 287.60 per share, up 3.8 per cent from its today’s open price. Being a large-cap upstream major, the stock has moved relatively slowly and remained stable, as large-cap stocks typically react gradually despite higher crude prices.

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