Global crude oil prices have surged sharply, rising over 15% since early June, as escalating conflict between Israel and Iran, now involving direct U.S.

Oil India shares tumbled nearly 5 percent to trade at Rs 448.75 apiece, while ONGC shares fell nearly 3 percent to hover around Rs 244 apiece. Mangalore Refinery and Petrochemicals (MRPL) and Chennai Petroleum Corporation shares dropped over 2 percent. This comes as Brent Crude futures were hovering around $69 per barrel.

Brent oil for September delivery fell $2.65 a barrel to $68.65 level. It tanked 8.53 per cent in the preceding session, taking its fall from Monday's high of $79.40 a barrel level to 15 per cent.