Hormuz talks pause as reopening proposal remains uncertain
Iranian negotiators left Doha while a draft proposal on ending the US conflict and reopening the Strait of Hormuz remained undisclosed. ONGC and Reliance Industries showed short futures build-ups in OI Charts data ahead of further diplomatic developments.
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
Iranian negotiators left Doha on 01 Nov 2026 after discussions with Qatari mediators on a possible agreement to end the conflict with the United States. The departure was not attributed to a breakdown, and a follow-up meeting remained possible. A draft proposal was being circulated, but its terms were not disclosed.
The talks focused on Tehran’s conditions, including reopening the Strait of Hormuz and ending the US naval blockade. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said the discussions drew on a seven-step proposal developed in September, with Tehran suggesting that implementation of the waterway’s reopening could be accelerated under a potential agreement. Hormuz reopening remains unconfirmed, leaving the risk to energy shipments and freight routes unresolved ⚓.
The Strait of Hormuz is a major transit route for oil and liquefied natural gas, so any credible progress could ease concerns over supply disruption, shipping costs and energy-sector volatility. Conversely, the absence of disclosed terms means markets still lack confirmation on timing, enforcement or the scope of any reopening. The diplomatic development therefore remains a headline-sensitive factor rather than a settled supply change ⚡.
Key Points:
• OI Charts data showed ONGC at ₹225.39 on 30 Oct 2026, down 0.2% on the day and 2.0% over 20 sessions. Its futures open interest rose 1.5%, indicating a short build-up, while the put-call ratio stood at 0.68.
• The energy producer’s options market showed max pain at ₹230, with the largest call open interest at ₹230 and the largest put open interest at ₹220. The 23 Nov 2026 expiry had 24 days remaining.
• Reliance Industries closed at ₹1,165, down 0.2% on the day and 2.7% over 20 sessions. Futures open interest increased 1.8%, also showing a short build-up, while its put-call ratio was 0.66.
• For Reliance Industries, max pain was ₹1,200, with the largest call open interest at ₹1,200 and the largest put open interest at ₹1,100 for the 23 Nov expiry.
The next market trigger is a confirmed follow-up meeting, publication of the draft terms or a verified announcement on Hormuz access. Until then, energy stocks and derivatives positioning remain exposed to changes in diplomatic expectations and oil-shipping risk
Source: Modern Diplomacy, 02 Nov 2026
Not investment advice. For informational purposes only.