Possibility of Iran Spring pushes oil prices northwards

Anti-government protests in Iran have fueled uncertainty in the global oil market. Brent crude futures hit US$67, highest since May 2015 on Tuesday following fears of a supply glut.
 
The protests are said to have triggered by a weak economy and hike in food prices. Protesters have expressed anger against Iran’s president, Hassan Rouhani and religious leader, Ayatollah Ali Khamenei.

Prices in international oil markets are supported by OPEC production cuts which started in January 2017 and will continue through this year. Higher crude oil price negatively impacts oil marketing companies as it strains their refining and marketing margins.

Among oil refiners BPCL closed at Rs. 500.25 per share, down 2.12 per cent, HPCL closed at Rs. 406.45 per share, down 1.98 per cent, IOC closed at Rs. 386.45 per share, down 0.83 per cent.