Oil prices increase, stocks surge 7% after India-US trade deal

The shares of Oil companies, including Oil India, ONGC and IOC have surged after India-US trade deal, which halts purchases of Russian oil, and increases imports of oil from the US and Venezuela. Oil India shares jumped over 7%, ONGC witnessed 4% surge, while IOC was up nearly 3% intra-day. Further, Oil prices shot up globally amid US-Iran tensions.