Crude oil price crash: 25 stocks which benefit the most from Iran war ceasefire

A two-week ceasefire between the US and Iran sent Brent crude crashing to $95, triggering a sharp rally in crude-sensitive Indian stocks on Wednesday as the agreement to reopen the Strait of Hormuz removed immediate supply disruption risks.

IndiGo shares soared 10% to Rs 4,695 on the BSE, reflecting immediate relief for the aviation sector where the Middle East accounts for 35–40% of its international capacity and 10–12% of total capacity. Lower ATF costs from the crude crash provided additional tailwinds.

The ceasefire is also a relief for travel-related stocks such as BLS International, SpiceJet, Indian Hotels, ITC Hotels, and GMR Airport.


Refiners led the energy sector surge, with HPCL, BPCL, and IOCL rallying 5–7% each as lower crude prices boost refining margins. Reliance Industries advanced 3%.

"The 2-week ceasefire between the US and Iran has dramatically altered the near-term market scenario. The crash in Brent crude to $95 following the ceasefire will again turn the market bullish," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. "This ceasefire, particularly the agreed reopening of Hormuz Strait, will embolden the bulls to charge again, aided by the fair market valuations."

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Larsen & Toubro rose by more than 7%, with West Asia accounting for nearly 40% of the company's total order book as of December 2025. Within its international portfolio, the region contributes roughly 75% of the order book. Adani Ports rallied 7%, buoyed by its 70% stake in Haifa Port in Israel.

KEC International climbed 5%, with the company holding 20% Middle East share in its order book and 28% share in year-to-date order inflows. Kalpataru Projects also gained 5%, with 11% of its Rs 63,300 crore order book tied to the region.

City gas distributors rallied on relief from potential feedstock cost pressures, with Indraprastha Gas up 4%, Mahanagar Gas and Gujarat Gas each gaining 4%, and Petronet LNG climbing 5%. GAIL rose 4%. Strait disruption had increased feedstock costs for city gas distributors including IGL, MGL and Gujarat Gas, while also affecting volumes for Petronet LNG and GAIL.

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Paint manufacturers captured strong gains, with Asian Paints up 5% and Berger Paints climbing 3%, as lower crude prices reduce input costs for petroleum-based raw materials and adhesives.

Fertilizer stocks advanced 4%, with gains across RCF, Paradeep Phosphates, National Fertilizers, and Gujarat Narmada. For fertiliser companies, a 10% rise in global urea prices implies an incremental subsidy burden of approximately Rs 2,500 crore, with phosphatic players only partially cushioned by NPK substitution.

Oil producers bucked the trend, with ONGC and Oil India down 2–3% each, as lower crude prices pressure upstream economics and revenue realizations.

US President Donald Trump announced the suspension of military strikes against Iran just hours before his 8 p.m. ET Tuesday deadline, following last-minute Pakistani diplomatic efforts. Iran agreed to allow safe navigation through the Strait of Hormuz during the ceasefire.

"Rupee will strengthen and this may even force the FPIs to turn buyers; at least they will have to cease the sustained selling, which will become irrational in the present context," Vijayakumar added.