ET:Oil marketing companies fall as Iran threat boosts crude price
Shares of state-run oil marketing companies fell after rising oil prices fuelled concerns of increase in under-recoveries, two dealers said.
Brent crude oil prices are up 5 percent in less than two weeks, supported by Iran's threat to halt oil shipments through the Strait of Hormuz. Iran's first vice-president warned on Tuesday that the flow of oil through the Strait of Hormuz would be stopped if foreign sanctions were imposed on Iran's crude exports over its nuclear ambitions.
At 12:35 p:m, shares of Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. were down 2-2.5 percent.
