Shares of Reliance, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) among others rallied up to 9% on Wednesday after crude oil prices plunged nearly 15%, following U.S. President Donald Trump’s announcement of a two-week ceasefire with Iran, linked to the immediate and safe reopening of the Strait of Hormuz, a key route that handles about one-fifth of global oil flows.