Brent crude reaches $105, pressuring Indian refiners
Brent crude touched $105 a barrel, its highest level since 15 Sep, after rising 2.21%. BPCL and Indian Oil fell 1.15% and 0.79%, with derivatives showing short build-up in BPCL and long unwinding in Indian Oil.
after close1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹284.50
- On the day
- -1.15%
- Futures OI, short build-up
- +0.5%
- Put-call ratio
- 0.61
- Max pain
- ₹300.00
Brent crude touched $105 a barrel on 12 Oct 2026, its highest level since 15 Sep, after rising 2.21% by 8:39 a.m. ET. The move created a fresh one-month high for the benchmark and put renewed focus on the earnings sensitivity of India’s refining and marketing companies ⚡.
BPCL closed at ₹284.50, down 1.15%, while Indian Oil closed at ₹125.35, down 0.79%, according to OI Charts data for the session. The two stocks also remained under pressure across recent periods: BPCL fell 4.2% over five sessions and 6.1% over 20 sessions, while Indian Oil declined 4.0% and 7.1%, respectively. Trading volume was 4,312,619 shares for BPCL and 10,605,346 shares for Indian Oil.
Higher crude prices can increase the cost of refined products and influence marketing margins, inventory values and working-capital requirements for refiners. The immediate market response was negative in both stocks, although the derivatives positioning differed. BPCL futures open interest rose 0.5% with prices lower, indicating short build-up. Its put-call ratio stood at 0.61, with the largest call and put open interest both at ₹300, and max pain at ₹300 for the 27 Oct expiry.
Indian Oil futures open interest fell 1.1% alongside the price decline, indicating long unwinding rather than fresh short accumulation. Its put-call ratio was 0.71, with the largest put open interest at ₹125 and the largest call open interest at ₹140. Max pain stood at ₹132.50 for the same 27 Oct expiry
The next market focus is whether Brent sustains the $105 level and whether the rise passes through to domestic fuel pricing and refining margins. For BPCL, ₹300 is the key options positioning zone, while Indian Oil’s ₹125 put concentration marks the nearest notable downside reference. Both stocks were trading close to their 52-week lows in OI Charts data, with Indian Oil at ₹125.35 against a low of ₹125.27 recorded on 8 Oct. The developments remain relevant to the broader Energy sector and to companies exposed to crude procurement and refining economics 🛢️.
Source: TokenPost, 12 Oct 2026
Not investment advice. For informational purposes only.