Stock Track | CNOOC Soars 8.04% at Open as Oil Prices Surge on Middle East Supply Fears

Stock Track03-09

CNOOC's stock soared 8.04% early in the session, driven by a sharp rise in international oil prices due to escalating Middle East conflicts.

Oil prices have reached their highest levels since October 2023, with WTI and Brent crude posting record weekly gains, as the near-blockade of the Strait of Hormuz triggers production cuts among Middle Eastern producers like Kuwait and Abu Dhabi. Analysts warn that prices could breach $100 per barrel or even reach $150 if the situation persists, creating a geopolitical risk premium for oil companies.

CNOOC, as a major upstream exploration company, is benefiting from this environment, with research reports adjusting profit forecasts and raising price targets due to potential supply disruptions and higher oil prices.

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