Oil Stocks Outlook
Seen range-bound next week amid US-Iran tensions
This story was originally published at 19:29 IST on 20 February 2026
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MUMBAI – Shares of oil and gas companies are expected to be range-bound next week amid rising geopolitical tensions between the US and Iran, which have driven crude oil prices higher, analysts said. Higher oil prices have supported upstream stocks such as Oil and Natural Gas Corp. and Oil India, while weighing on oil refiners. For the week ended Friday, the Nifty Oil & Gas index rose 1.0% to 12092.30 points.
The support for the Nifty Oil & Gas index is expected at 11900 points and resistance at 12300 points, according to Jetin Gedia, vice president of technical research at Teji Mandi Investment Technologies.
During the week, crude oil prices hit new highs as uncertainty over a deal between the US and Iran has raised the spectre of war. This has fueled a fear of crude oil supply disruptions, driving prices higher. At 1746 IST, May Brent Crude futures were trading nearly 5% lower at $70.93. Earlier Friday, the contract had hit a six-month high of $71.86.
Against this backdrop, shares of upstream companies such as ONGC and Oil India ended the week over 4% higher. On Friday, shares of ONGC ended over 1% higher, after hitting a more than one-year high of INR 280.80. Over the last 30 days, the stock has gained nearly 16%.
Crude oil prices are likely to remain elevated in the near-term unless the US and Iran reach an agreement, according to Swarnendu Bhushan, research analyst at Prabhudas Lilladher. He said it is difficult to predict crude oil prices if tensions rise, but it is expected to ease to $64-$65 if the two countries reach an agreement. The analyst also said that an attack on Iran by the US will directly affect crude oil supplies to Indian companies, as disruptions to the Strait of Hormuz will create logistical problems.
During the week, shares of oil refiners such as Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. ended 2-4% lower.
TOP HEADLINES
* Crude oil prices to continue pricing in large risk premiums – ING Economics
The following are the resistance and support levels for key oil stocks for next week, as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % |
Resistance | Support |
| Bharat Petroleum Corp | 366.30 | (-)2.10 | 371.10 | 359.90 |
| Hindustan Petroleum Corp | 430.90 | (-)4.30 | 439.80 | 422.30 |
| Indian Oil Corp | 173.79 | (-)1.70 | 175.70 | 171.40 |
| Oil & Natural Gas Corp | 278.65 | 4.20 | 284.40 | 271.50 |
| Oil India | 475.55 | 4.50 | 492.10 | 463.70 |
| Reliance Industries | 1419.40 | (-)0.00 | 1438.90 | 1396.30 |
| Index | Levels | |||
| NIFTY OIL & GAS | 12092.30 | 1.00 | 12181.80 | 11970.20 |
| Nifty 50 | 25571.25 | 0.40 | 25822.00 | 25254.40 |
| S&P BSE Sensex | 82814.71 | 0.20 | 83643.50 | 81791.80 |
End
US$1 = INR 90.98
Reported by Adhithya Aji
Edited by Saji George Titus
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