On June 30, CNOOC fell 3.04% in regular trading, trading at HK$20.48/share, with turnover of HK$3.79 billion. The decline was primarily driven by a sharp recovery in Hormuz Strait shipping traffic, which caused crude oil to retrace all gains accumulated since the Middle East conflict erupted.
Following the US-Iran preliminary agreement and progress in Swiss-hosted talks, tankers have been steadily transiting the Strait. The US Energy Secretary confirmed that 72 vessels carrying approximately 20 million barrels of crude passed through within 24 hours, restoring flows to near pre-war levels. The US also implemented large-scale exemptions on Iranian oil sanctions, further reinforcing market expectations of supply normalization. Huatai Securities lowered its Brent crude forecast to $82/barrel for the year, citing a gradual return to supply-demand equilibrium.
Southbound capital net sold approximately 124 million CNOOC shares over the past week, intensifying downward pressure. The broader Oil and Gas Exploration and Production sector weakened in tandem, with United Energy Group down 2.86%, CHK Oil down 7.41%, and EPI Holdings down 4.74%.
(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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