Hong Kong Energy Stocks Rally on Geopolitical Tensions, CNOOC Surges Over 4% as Oil Prices Climb

Deep News08-11 09:51

Hong Kong-listed oil stocks saw a sharp uptick in early trading on August 11, driven by escalating geopolitical tensions that pushed crude oil prices higher. CNOOC Ltd surged over 4%, while PetroChina Co Ltd gained more than 3%, CNOOC Energy Services rose over 2%, and China Petroleum & Chemical Corp (Sinopec) advanced more than 1%.

Market sentiment was jolted after former U.S. President Donald Trump publicly criticized Iran's demands for war reparations in ongoing negotiations. This development quickly dampened earlier hopes of a swift agreement to reopen strategic waterways, casting renewed uncertainty over the prospects of U.S.-Iran talks. In response, West Texas Intermediate (WTI) crude futures surged 5.26%, reclaiming the $82 per barrel mark, while Brent crude jumped 5.14% to break above $87 per barrel.

Supply-side pressures are also intensifying, with the Yemen-based Houthi group's attack on a Saudi Arabian refinery heightening concerns about output disruptions. Meanwhile, the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983, further amplifying fears of a supply gap in the global oil market.

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