OMCs, BPCL, HPCL, IOC sink after US nixes Iran deal

Oil marketing companies (OMCs) tanked up to 5% on Wednesday, roiled by surging oil prices after US decision to pull out of Iran nuclear deal.
This comes at a time when OMCs have kept a tight lid on fuel prices for over two weeks, which could hurt their bottom line. On Wednesday, Brent crude futures for July series were trading 2.5% higher at $76.73 a barrel — the highest since November 2014.

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