On June 17, CNOOC fell 3.14% in regular trading, trading at HK$22.84/share, with turnover of HK$2.151 billion.

On the news front, the United States and Iran reached a peace agreement announcing the full reopening of the Strait of Hormuz, triggering a sharp drop in international oil prices with WTI crude falling below $90/barrel. The Strait of Hormuz handles approximately 20% of global seaborne oil shipments daily and had been effectively closed since late February following the Israel-Iran conflict, sparking widespread fears of supply disruption and driving oil prices sharply higher.

With the strait set to reopen, the geopolitical risk premium that Goldman Sachs previously estimated at $15-20/barrel in WTI crude is rapidly dissipating. The reopening is also expected to release Iranian crude previously stored in floating tankers, potentially amounting to tens of millions of barrels, adding further supply-side pressure. Hong Kong-listed oil and gas stocks broadly weakened, with CNOOC extending its recent downward adjustment.

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