Trump sees Iran war ending soon, oil prices in focus
Donald Trump said the Iran war could end soon and predicted a sharp fall in oil prices after the conflict. OI Charts data showed ONGC at ₹225 with short covering, while Reliance faced a short build-up at ₹1,202.
after close1 source ↓machine-written, see hownot a recommendation
- ONGC close
- ₹225.00
- On the day
- +1.35%
- Futures OI, short covering
- -0.9%
- Put-call ratio
- 0.45
- Max pain
- ₹225.00
US President Donald Trump said the Iran war could end soon and predicted that global oil prices would “drop like a rock” once the conflict concludes. Speaking alongside Vice President JD Vance on 21 Oct 2026, Trump said the conflict was the principal factor keeping energy prices elevated, while arguing that higher petrol prices were a relatively small cost for preventing Iran from rebuilding its nuclear weapons capabilities. ⚡
The comments put crude-sensitive shares and the broader Energy sector in focus. A sustained fall in oil prices would generally pressure upstream producers through lower realised prices, while reducing input costs for fuel-consuming industries. For Indian energy names, OI Charts data as of 19 Oct showed ONGC at ₹225, up 1.4% on the day, with a 20-session decline of 3.4%. Its futures open interest fell 0.9% in a short-covering move, while the futures premium was negative 0.20%. The ₹225 strike was the largest call open-interest level and max pain, with the largest put open interest at ₹220.
Reliance closed at ₹1,202, down 0.8% on 19 Oct after gaining 3.7% over five sessions. Its futures open interest increased 0.3%, indicating a short build-up, and its futures premium stood at 0.45%. The options market showed a put-call ratio of 0.61, max pain at ₹1,210, the largest call open interest at ₹1,250 and the largest put open interest at ₹1,160. These levels mark the immediate derivatives reference points as the 27 Oct expiry approaches, with eight days remaining.
The next price catalyst is confirmation of any ceasefire, settlement or military de-escalation, rather than the statement alone. Traders will also watch crude’s reaction, the ₹220–₹225 zone for ONGC and the ₹1,160–₹1,250 open-interest range for Reliance. Any renewed escalation, disagreement over nuclear safeguards or disruption to regional supply routes could keep the geopolitical premium in oil prices elevated. The comments also highlighted tensions between Washington and European allies over support for the campaign. 🛢️
Source: Telangana Today, 21 Oct 2026
Not investment advice. For informational purposes only.