Crude rally lifts energy sector as geopolitical risks intensify
Global energy stocks gained 11.67% in October as Middle East tensions pushed Brent crude above $117 a barrel. ONGC and Reliance showed short futures build-ups on 30 Oct, with key options levels at ₹230 and ₹1,200 respectively.
after close1 source ↓machine-written, see hownot a recommendation
- ONGC close
- ₹225.39
- On the day
- -0.18%
- Futures OI, short build-up
- +1.5%
- Put-call ratio
- 0.68
- Max pain
- ₹230.00
Global energy stocks rallied in October as geopolitical tensions lifted crude and refined-product prices. The energy sector gained 11.67% during the month, while the broader S&P 500 declined 1.1%. Brent crude briefly moved above $117 a barrel, reaching its highest level since April, as attacks on ships in the Persian Gulf, lower traffic through the Strait of Hormuz and heightened risks of a new United States offensive against Iran increased concerns over supply disruptions ⚡
The move highlights how geopolitical risk can quickly tighten expectations for crude availability and support upstream producers, while also changing the outlook for refiners and fuel marketers. The October scorecard showed APA as the best performer, up 21.87%, while Valero Energy was the weakest, down 2.15%. The divergence indicates that higher crude prices did not benefit every part of the energy chain equally, particularly where rising feedstock costs pressured refining margins.
Indian energy stocks did not mirror the global rally through the latest session. OI Charts data for 30 Oct 2026 showed ONGC at ₹225.39, down 0.18% on the day and 2.0% over 20 sessions. Its futures open interest increased 1.5% with a short build-up, while the put-call ratio stood at 0.68. The ₹230 call strike had the largest call open interest, the ₹220 put strike held the largest put open interest, and max pain was ₹230 for the 23 Nov 2026 expiry.
Reliance closed at ₹1,165, down 0.21% on 30 Oct and 2.7% over 20 sessions. OI Charts data showed futures open interest rising 1.8% with a short build-up, a put-call ratio of 0.66 and max pain at ₹1,200 for the same expiry. The largest call open interest was at ₹1,200, while the largest put open interest was at ₹1,100.
The next market focus is the persistence of supply disruption risk and whether crude prices remain elevated. For ONGC, ₹230 and ₹220 are the key options reference levels; for Reliance, ₹1,200 and ₹1,100 frame the main open-interest zone. A sustained rise in crude could support upstream sentiment, while extended strength in feedstock prices may keep pressure on refining and downstream margins. 🛢️
Source: TradingView, 01 Nov 2026
Not investment advice. For informational purposes only.