The share price of the Hindustan Petroleum Corporation Limited (HPCL) is witnessing gains since last week.
On Wednesday, the subsidiary of the government-owned Oil and Natural Gas Corporation rose to ₹348.95, up by 3.61% from the previous closing price of ₹336.80. The stock is currently trading for ₹346.90, up by 4.96% over the past five trading days.
Despite the uptick, HPCL is yet to recover large losses as the stock shed nearly 21% in value over the past month amid the crisis in the Middle East.
Ceasefire May Ease Oil Supply Disruptions
The price of crude oil, which has surged because of the conflict, dropped by 5% amid hopes of a ceasefire between the US and Iran that could ease supply disruptions.
According to US President Donald Trump, the US and Iran are currently negotiating. He said that the Islamic Republic is eager to make a peace deal.
“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump wrote in a post on the social platform Truth Social.
US Suspending Attacks
The president said that the US is suspending attacks as the diplomatic talks continue.
“Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions.”
Iran Denies Negotiations Took Place
US envoys Steve Witkoff and Jared Kushner are reportedly in touch with Iranian parliament speaker Mohammad Bagher Ghalibaf, but citing unnamed source, Axios reported that direct talks between the two parties seem to have never taken place. The report said that Ghalibaf even denied that there were negotiations.
