HPCL, BPCL, IOC shares rise 2%, extend gains as crude oil falls below $100 on rising hopes of Iran war ceasefire

Shares of Hindustan Petroleum, Indian Oil, and Bharat Petroleum enjoyed a boost on Wednesday, as falling crude oil prices set a positive tone. Amid rising hopes for a ceasefire in the Middle East, oil fell sharply by over 5%, bringing Brent crude futures down to $98.28 a barrel and U.S. West Texas Intermediate crude to $87.68 a barrel.