On June 18, CNOOC fell 3.06% in regular trading, trading at HKD 22.12/share, with turnover of HKD 1.007 billion. The decline was driven by the signing of a memorandum of understanding between the US and Iran to fully reopen the Strait of Hormuz on June 19, triggering a rapid unwinding of geopolitical risk premium embedded in oil prices.
The Strait of Hormuz handles approximately 20% of global daily seaborne oil shipments. Its prior closure due to Middle East conflict had sparked supply disruption fears and pushed crude prices sharply higher. Goldman Sachs previously estimated that roughly USD 15-20 of the WTI crude price increase consisted of geopolitical risk premium. With the strait set to reopen, WTI crude has broken below the USD 80/barrel level, accelerating the premium release. Hong Kong-listed oil and gas stocks declined broadly, with CNOOC extending its adjustment trend amid sustained institutional net outflows.
(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.)
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