Oil reaches six-month high as Iran tensions return
Oil reached a more than six-month high as renewed U.S.-Iran conflict concerns and action against Houthi financing lifted geopolitical risk. ONGC showed futures long build-up, while Reliance futures positioning indicated short covering in OI Charts data.
pre-market1 source ↓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
Oil extended its gains on 23 Oct 2026 and reached its highest level in more than six months, according to Ship & Bunker. Traders reacted to renewed concern that the United States could resume military strikes against Iran, after President Donald Trump reiterated that Washington was developing strike plans. The U.S. State Department also said it had taken “concrete action” to cut financial support for Yemen’s Houthis, whose attacks have affected Saudi Arabian interests. The combination raises the risk premium around crude supply and shipping routes ⚓.
The immediate market mechanism is geopolitical rather than demand-led: any escalation involving Iran, Yemen or Saudi Arabia could threaten production, exports or the movement of tankers through key regional routes. That can lift crude prices while increasing volatility for refiners, oil producers, transport companies and fuel-consuming industries. Analysts cited in the report were acknowledging that the possibility of renewed conflict had become a factor in oil pricing, although the excerpt did not provide a specific crude price or percentage move.
ONGC futures long build-up appeared in OI Charts data as of 21 Oct. The stock closed at ₹225.62, up 0.3%, with volume of 84 lakh shares and futures open interest up 0.1%. Its futures traded at a 0.17% discount, while the put-call ratio was 0.46. The nearest expiry on 27 Oct had maximum pain at ₹225, with the largest call open interest at ₹225 and the largest put open interest at ₹220. The stock was up 1.3% over five sessions but remained down 4.2% over 20 sessions, and its close was near the lower end of its ₹218.53–₹307.50 52-week range.
Reliance rose 0.6% to ₹1,209 on 21 Oct, while its futures open interest fell 2.7%, indicating short covering. OI Charts data showed a 0.17% futures discount, a 0.58 put-call ratio and maximum pain at ₹1,210 for the 27 Oct expiry. The largest call open interest was at ₹1,250 and the largest put open interest at ₹1,160. The stock gained 3.6% over five sessions but was down 3.1% over 20 sessions. Traders will watch further U.S.-Iran developments, Houthi-related actions, crude’s follow-through and the 27 Oct derivatives expiry for confirmation of whether the risk premium persists ⚡.
Source: Ship & Bunker, 23 Oct 2026
Not investment advice. For informational purposes only.