Movement Alert｜PetroChina Falls 3.07% in Regular Trading, Oil Prices Erase Middle East War Gains as Hormuz Strait Reopens

Market Focus06-30

On June 30, PetroChina (00857.HK) fell 3.07% in regular trading to HK$8.53, with turnover of HK$256 million, extending a multi-session decline in Hong Kong-listed oil stocks.

The selloff is driven by a sharp recovery in shipping traffic through the Strait of Hormuz, with approximately 35 million barrels of previously stranded crude now flowing to market. International crude oil prices have erased all gains accumulated since the Middle East conflict erupted, removing a key support for upstream producers. Additionally, PetroChina's own research institute projects China's oil consumption to decline 4.9% to 753 million tons this year, with refined oil consumption expected to fall 6.4%, signaling persistent demand weakness.

Further weighing on sentiment, both PetroChina and Sinopec are reportedly assessing a resumption of Iranian crude purchases following a recent U.S. sanctions waiver, potentially adding supply to an already well-supplied market. Ample rival supplies from Saudi Arabia, Kuwait, and Iraq compound the bearish outlook. Within the Integrated Oil and Gas sector, Sinopec Corp fell 1.23% in the same session.

(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.

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