Hormuz strikes deepen oil market disruption
US strikes near the Strait of Hormuz, another tanker attack and Iran’s rejection of Washington’s response intensified oil-shipping risks. Indian derivatives showed ONGC in a short build-up and Reliance in a long build-up ahead of the 23 Nov expiry.
pre-market2 sources ↓machine-written, see hownot a recommendation
- ONGC close
- ₹232.17
- On the day
- -1.13%
- Futures OI, short build-up
- +2.8%
- Put-call ratio
- 0.59
- Max pain
- ₹230.00
The Strait of Hormuz crisis escalated on 04 Nov 2026 after US President Donald Trump confirmed strikes on an Iranian island near the strategic waterway. Iran called the US response to its seven conditions for reopening the strait “unconvincing”, while another oil tanker was attacked in the passage. Qatar stepped up diplomatic efforts as indirect talks continued over Tehran’s proposal to reopen the waterway for two days if the US lifts sanctions and ends its naval blockade. ⚡
The developments add military and diplomatic risk to an already strained energy corridor. Iran’s oil exports had fallen to only a small fraction of the prewar level of 2 million barrels per day, while shipments through the strait were running at about 80% of prewar levels, according to the earlier report. Any further disruption can keep marine insurance and freight costs elevated, supporting crude-linked sentiment while increasing logistics and input pressure for refiners, fuel users and shipping operators. 🚢
OI Charts data for 03 Nov 2026 showed divergent positioning in Indian oil-linked names:
• ONGC closed at ₹232.17, down 1.1%, while futures open interest rose 2.8%, indicating a short build-up. Its put-call ratio was 0.59; the largest call open interest was at ₹240, the largest put open interest at ₹220 and max pain was ₹230 for the 23 Nov 2026 expiry.
• Reliance closed at ₹1,308, up 0.6%, while futures open interest increased 1.8%, indicating a long build-up. The stock gained 9.3% over five sessions and 10.2% over 20 sessions. Its put-call ratio was 0.84, with the largest call open interest at ₹1,300, the largest put open interest at ₹1,200 and max pain at ₹1,250 for the same expiry.
The key near-term signals are whether tanker attacks continue, whether vessel flows fall below 80% of prewar levels, and whether Qatar-led diplomacy produces a reopening framework. For Indian derivatives, ₹220 and ₹240 remain the main open-interest levels for ONGC, while ₹1,200 and ₹1,300 frame Reliance’s positioning into expiry.
Source: gCaptain, 03 Nov 2026; Al Jazeera, 04 Nov 2026
Not investment advice. For informational purposes only.