Mumbai, March 9 : Shares of major state-owned oil marketing companies (OMCs) traded under pressure on Monday, declining up to nearly 9 per cent in early trade as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.

Global crude oil prices surged past the $100-a-barrel mark.

With this development, OMC stocks such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) slumped up to 8.67 per cent in early trade.

By 11.20 am, IOCL shares declined 7.29 per cent to an intraday low of Rs 156.30 from the previous close of Rs 168.60 on the BSE.

Meanwhile, BPCL shares fell 8.43 per cent to an intraday low of Rs 322.95 from Rs 352.70 on the same exchange.

While HPCL saw the steepest decline, dropping 8.67 per cent to an intraday low of Rs 370.10 from its previous close of Rs 405.25, according to BSE data.

These PSU stocks faced selling pressure as crude oil prices nearly touched $110 per barrel after major producers in the Middle East reduced output, while the Strait of Hormuz remained effectively closed amid the Iran conflict.

Meanwhile, US President Donald Trump defended the spike in oil prices, saying higher crude costs were a temporary consequence of confronting Iranâ??s nuclear threat.

â??Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for USA and world safety and peace,â?? Trump wrote on the social media platform Truth Social.

The jump marks one of the biggest weekly gains in oil futures trading since the early 1980s.

The headline indices were also under pressure, with Sensex and Nifty 50 trading in the red, down 3.16 per cent at 76,424.55 and 3.07 per cent at 23,697.80, respectively.

/IANS