On April 10, 2023, shares of Indian oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation (HPCL), experienced gains of up to 2.5%. This uptick occurred as crude oil prices pulled back from recent highs, influenced by expectations of a ceasefire between the US and Iran, scheduled for this weekend in Pakistan. The recent surge in crude oil prices, which rose over 50% last month, had previously pressured PSU oil stocks. However, this week, both Brent and West Texas Intermediate (WTI) crude oil prices have declined by 11%, marking the largest weekly drop since June 2025. At the time of reporting, Brent crude was priced at around $96/bbl, with concerns over supply from Saudi Arabia limiting further declines. The overall positive sentiment in the Indian stock market also played a role in boosting oil PSU shares.