Movement Alert｜CNOOC Falls 3.14% in Regular Trading, US-Iran Agreement to Reopen Strait of Hormuz Pressures Oil Prices

Market Focus06-17

On June 17, CNOOC fell 3.14% in regular trading, trading at HK$22.84/share, with turnover of HK$2.151 billion.

On the news front, the United States and Iran reached a peace agreement announcing the full reopening of the Strait of Hormuz, triggering a sharp drop in international oil prices with WTI crude falling below $90/barrel. The Strait of Hormuz handles approximately 20% of global seaborne oil shipments daily and had been effectively closed since late February following the Israel-Iran conflict, sparking widespread fears of supply disruption and driving oil prices sharply higher.

With the strait set to reopen, the geopolitical risk premium that Goldman Sachs previously estimated at $15-20/barrel in WTI crude is rapidly dissipating. The reopening is also expected to release Iranian crude previously stored in floating tankers, potentially amounting to tens of millions of barrels, adding further supply-side pressure. Hong Kong-listed oil and gas stocks broadly weakened, with CNOOC extending its recent downward adjustment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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