Shares of fuel retailers Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation (IOCL), and Bharat Petroleum Corporation Ltd (BPCL) fell up to 4% on Monday after oil prices surged 8% to reclaim the $100/barrel mark, following the US Navy’s move to block ships from accessing Iran via the Strait of Hormuz. The step, which could curb Iranian oil exports, comes after talks between Washington and Tehran aimed at ending the war failed over the weekend in Islamabad.