Oil slips below $100 as Hormuz risk premium eases
WTI settled below $100 at $99.90 as diplomatic efforts reduced part of the geopolitical risk premium, while Hormuz and refinery supply risks persisted. BPCL and IOC rose, with futures open interest increasing 8.8% and 12.9%, respectively.
pre-market1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹295.60
- On the day
- +1.79%
- Futures OI, long build-up
- +8.8%
- Put-call ratio
- 1.01
- Max pain
- ₹300.00
Crude oil prices fell for a second straight session on 27 Oct 2026 as diplomatic efforts involving Iran reduced part of the risk premium built into the market. December WTI settled at $99.90 a barrel, down $1.86, or 1.83%, while December Brent fell $1.93, or 1.67%, to $113.88. Both gasoline and diesel futures declined by about 3%. The key market signal was WTI’s close below the $100 level. ⚡
Supply risks remained unresolved despite the pullback. Yemen’s Houthi rebels attacked a Saudi Arabian refinery, while more commercial vessels were reportedly struck in the Strait of Hormuz. That leaves crude prices sensitive to further developments around shipping security, refinery infrastructure and the reopening of diplomatic channels involving Iran. The immediate effect was a partial unwinding of the geopolitical premium rather than a complete resolution of supply concerns.
Indian oil marketing companies showed a different session response. OI Charts data showed BPCL closing at ₹295.60, up 1.79%, with volume of 5,803,184 shares. Its futures open interest rose 8.8% in a long build-up, while the futures price remained at a 0.37% discount to spot. The options market placed max pain at ₹300, with the largest call open interest at ₹300 and the largest put open interest at ₹250. BPCL remained 24.5% below its 52-week high of ₹391.65, despite gains over one and five sessions.
IOC closed at ₹131.75, up 0.69%, on volume of 19,528,931 shares, according to OI Charts data. Futures open interest increased 12.9% in a long build-up, with futures at a 0.64% discount to spot. Max pain stood at ₹135, while the largest call and put open interest were both at ₹150. IOC was down 4.6% over 20 sessions but had gained 2.3% over five sessions.
The next market focus is the direction of crude after further diplomatic announcements or attacks affecting the Strait of Hormuz. For the Indian refiners, traders will also track whether futures positioning holds through the 23 Nov 2026 expiry and whether BPCL’s ₹300 or IOC’s ₹135 max-pain levels become relevant reference points. ⛽
Source: BigGo Finance, 27 Oct 2026
Not investment advice. For informational purposes only.