The Nifty Oil & Gas Index has underperformed the broader market over the six months since the West Asia conflict involving Iran, the US and Israel began on February 28, 2026, as elevated crude oil prices, supply disruptions and uncertainty surrounding the closure of the Strait of Hormuz weighed differently across the sector.
The last trading session before the conflict began was February 27, 2026, when the Nifty Oil & Gas Index closed at 12,264. As of the latest close, the index stood at 12,264, marking a decline of 9% over the period. In comparison, the benchmark Nifty 50 has fallen 3.85%, declining from 25,178 on February 27 to 24,219, indicating that the oil and gas index has underperformed the broader market during the six-month period.
