Oil stocks surge after US strike on Venezuela — ONGC, RIL in sharp focus

Shares of Reliance Industries Ltd (RIL) rose nearly 1% to hit a 52-week high of ₹1,611.20, while other energy stocks gained up to 2% in early trade.

Hindustan Petroleum climbed 1.85% to an intraday high of ₹508.45, ONGC rose 1.16% to ₹246.80, Indian Oil Corporation (IOC) advanced 1.03% to ₹168.79 and Oil India gained 0.47% to ₹432.45, The Times of India reported.

ONGC shares are expected to remain in focus as the state-run explorer holds equity stakes in two Venezuelan projects through its overseas arm, ONGC Videsh.

Global brokerage firm Jefferies said ONGC could recover long-pending dues with the United States stepping into Venezuela’s system, The Economic Times reported.

“ONGC has not been paid its share of dividends from production at San Cristobal, totalling more than $500 million,” Jefferies said, adding that “with the US stepping in, ONGC may stand to recover these unpaid amounts”.

RIL stocks will also be closely watched as the company has been purchasing Venezuelan crude. However, reports suggest the company may halt such imports following the US decision to impose a 25% tariff on countries buying oil from Venezuela.

Indian Oil Corporation’s subsidiary, IOC AB, which serves as an investment vehicle for exploration and production projects in Venezuela, is also expected to attract investor attention in the coming days, The Times of India reported.

US Strike on Venezuela

The United States recently carried out a military strike targeting key sites in Venezuela, escalating tensions with the oil-rich South American nation and rattling global energy markets.

Washington said the action was aimed at safeguarding its strategic interests and addressing regional security concerns. The development triggered a global risk-off sentiment, pushing investors towards safe-haven assets such as gold and silver amid fears of oil supply disruptions.

Venezuela holds the world’s largest proven oil reserves, estimated at over 303 billion barrels, making any instability in the country critical for global crude markets.

The military operation reportedly resulted in the capture of Venezuelan President Nicolás Maduro, who was later taken to the United States to face charges, including drug-related offences, marking a dramatic escalation in US-Venezuela relations.

Following his removal, Venezuela’s Supreme Court appointed Vice President Delcy Rodríguez as interim president to ensure administrative continuity, with the military recognising her as acting head of state amid the unfolding crisis.