Middle East conflict deepens global energy crisis
QatarEnergy chief Saad Sherida Al Kaabi said the Middle East conflict was affecting almost 20% of global oil and gas supplies. OI Charts data showed short covering in ONGC but short build-up in Reliance on 9 Oct 2026.
after close1 source ↓machine-written, see hownot a recommendation
- ONGC close
- ₹221.27
- On the day
- +0.67%
- Futures OI, short covering
- -1.9%
- Put-call ratio
- 0.48
- Max pain
- ₹225.00
QatarEnergy chief executive Saad Sherida Al Kaabi said the ongoing Middle East conflict had created “by far, the world’s worst energy crisis”, affecting almost 20% of global oil and gas supplies. Speaking to the International Energy Forum, he called for measures to protect energy infrastructure during armed conflicts. The warning places supply security, infrastructure protection and regional energy flows at the centre of market attention ⚡.
For Indian energy stocks, the immediate impact is visible in positioning rather than a broad rally. OI Charts data for 9 Oct 2026 showed ONGC at ₹221.27, up 0.7% on the day, while its 20-session return was -5.5%. Its futures open interest fell 1.9%, indicating short covering, and the futures premium was 0.05%. The options market showed a put-call ratio of 0.48, with the largest call open interest at ₹225 and the largest put open interest at ₹220. Max pain stood at ₹225 for the 27 Oct expiry.
Reliance closed at ₹1,170, down 0.7%, with volume of 12,086,708 shares. Its 20-session return was -8.5%, and futures open interest rose 1.5%, indicating short build-up. The stock’s futures premium was 0.65%, while the put-call ratio was 0.68. The largest call open interest was at ₹1,250 and the largest put open interest at ₹1,160; max pain was ₹1,210 for the same expiry. These levels frame the near-term derivatives map as energy-supply concerns meet weak recent price trends 📉.
The sector implication depends on how the conflict affects physical production, transport routes and refining economics. Higher crude and gas prices can support upstream realisations, while increasing input costs can pressure fuel consumers, refiners and energy-intensive industries. Infrastructure disruption would add volatility to both prices and implied risk premiums.
Traders will watch subsequent official updates from the International Energy Forum, changes in regional supply flows and the 27 Oct derivatives expiry. For ONGC, ₹220 and ₹225 are the key options walls; for Reliance, ₹1,160 and ₹1,250 define the largest put and call open-interest levels. OI Charts data also places Reliance’s max pain at ₹1,210.
Source: Upstream Online, 12 Oct 2026
Not investment advice. For informational purposes only.