Hormuz disruption puts oil market volatility in focus
Petroleum Minister Hardeep Singh Puri flagged Hormuz-related disruption and rising global energy prices, while OI Charts data showed ONGC futures in long build-up and Reliance Industries futures in short covering ahead of the 27 Oct expiry.
after close3 sources ↓machine-written, see hownot a recommendation
- ONGC close
- ₹225.62
- On the day
- +0.28%
- Futures OI, long build-up
- +0.1%
- Put-call ratio
- 0.46
- Max pain
- ₹225.00
Union Petroleum and Natural Gas Minister Hardeep Singh Puri discussed global crude oil, LNG and LPG markets with energy expert Fereidun Fesharaki on 24 Oct 2026, highlighting record crude production in North and South America, subdued global demand growth and volatility linked to the West Asia conflict. The minister said disruptions around the Strait of Hormuz were pushing energy prices higher, while India remained the world’s fastest-growing and largest source of oil demand growth. ⚡
Hormuz supply risk matters because the strait is a key transit route for global energy cargoes. Any disruption can raise freight, insurance and procurement costs for import-dependent markets, even as rising American production and muted demand elsewhere provide a counterweight. For Indian energy companies, the immediate market sensitivity is to crude prices, refining margins, fuel pricing and the cost of imported gas and LPG.
OI Charts data as of 21 Oct showed mixed positioning in the sector:
• ONGC closed at ₹225.62, up 0.3% on the day, with volume of 84.1 lakh shares. Its futures showed a long build-up as open interest rose 0.1%; the put-call ratio was 0.46, with the largest call open interest at ₹225 and the largest put open interest at ₹220.
• Reliance Industries closed at ₹1,209, up 0.6%, with volume of 1.76 crore shares. Its futures showed short covering as open interest fell 2.7%; the put-call ratio was 0.58, with the largest call open interest at ₹1,250 and the largest put open interest at ₹1,160. The ₹1,210 max-pain level was close to the reported price.
The positioning does not establish a directional outcome, but it identifies levels where near-term derivatives activity is concentrated. ONGC’s ₹220–₹225 zone and Reliance Industries’ ₹1,160–₹1,250 option walls are levels to monitor alongside crude prices and developments around Hormuz. Both contracts expire on 27 Oct 2026, leaving six days in the OI Charts read.
The next market signals are any confirmed change in shipping through the strait, further official comments on supply security, and evidence of whether higher global energy prices persist. India’s demand growth remains a structural support, while new supply from the Americas and weaker demand growth in other regions may limit the speed of price escalation. 🛢️
Source: ANI News, 24 Oct 2026
Not investment advice. For informational purposes only.