CNOOC's stock price soared 5.06% during intraday trading on Thursday, reflecting a sharp upward movement in the oil and gas sector.

The surge comes after two tankers were attacked in Iraqi waters, causing Brent crude to rally back toward $100 a barrel and highlighting broader risks to energy assets across the Middle East. The attacks have overshadowed a record coordinated oil release by the International Energy Agency, failing to ease supply fears among investors.

The near-closure of the Strait of Hormuz, through which a fifth of global oil typically flows, has been driving up prices of crude and related products, raising concerns about sustained inflationary pressures and benefiting oil producers like CNOOC.