Chennai Petroleum hit a fresh 52 week high of Rs 1,449 while MRPL touched Rs 182.80 on the BSE as rising crude prices lifted refiner stocks.

Both refining stocks rallied sharply on Tuesday even as the broader market stayed weak, with the move coming on the back of rising global crude oil prices tied to renewed tension around the Strait of Hormuz.

Here’s what’s behind the crude price jump. Hopes for a US Iran peace deal that would have reopened the key oil transit route faded after President Trump demanded compensation from Tehran for people killed in past conflicts.

That kept uncertainty elevated and pushed Brent crude up 2.31% to 89.75 dollars a barrel, while US WTI crude gained 2.68% to 84.33 dollars a barrel.

CPCL’s rally also came with strong trading volumes, jumping several times over usual levels. The company’s June quarter results showed a crude throughput of 2.85 million metric tonnes, translating to capacity utilisation of 108% and its highest ever distillate yield, even though the figure was slightly lower than 2.98 million metric tonnes a year earlier. CPCL markets around 92% of its output through Indian Oil’s network, with the rest sold directly.

MRPL, a subsidiary of ONGC, posted an even sharper turnaround. Revenue for the June quarter more than doubled, rising 111.3% year on year to Rs 38,200 crore, while adjusted profit came in at Rs 473.9 crore compared to a loss of Rs 270.7 crore in the same quarter last year.

Domestic throughput expanded to 4.43 million metric tonnes during the period, even as EBITDA margin narrowed to 3.4% due to temporary inventory related pressures.

CPCL closed the session at Rs 1,425.85 on the BSE, up 14.92% for the day, while MRPL ended at Rs 181.15, up 10.93%.

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