Movement Alert|CNOOC Rises 3.05% in Regular Trading, US-Iran Strait of Hormuz Standoff Sends Oil Prices Surging Over 9%

Market Focus07-14 13:59

On July 14, CNOOC rose 3.05% in regular trading, trading at HK$22.92/share, with turnover of HK$1.311 billion. The rally was driven by a sharp escalation in US-Iran tensions over the Strait of Hormuz, which sent global oil prices surging by over 9% in a single session.

On the news front, the US announced the resumption of a maritime blockade on Iran, imposing a 20% fee on all cargo transiting the Strait of Hormuz and banning Iranian vessels or their customers from entering the waterway. Iran's Islamic Revolutionary Guard Corps Navy had previously declared the strait closed effective immediately. The standoff caused global oil supply risk premiums to spike sharply. Overnight, WTI crude surged $6.73 to close at $78.14/barrel, a 9.4% gain marking the largest single-day rise in over two and a half months. Brent crude jumped $7.29 to close at $83.30/barrel, up approximately 9.6%, its biggest single-day dollar gain in over three months. Hong Kong-listed oil stocks rallied broadly in response.

(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.

Comments

We need your insight to fill this gap
Leave a comment