CNOOC's stock soared 5.13% during the intraday session on Monday, following a sharp rise in international oil prices triggered by escalating geopolitical tensions in the Middle East.

The surge comes as Brent crude oil jumped 13% to $82 per barrel after attacks on Iran by the US and Israel, with reports indicating Iran's Supreme Leader Ayatollah Khamenei was killed. Iran's Islamic Revolutionary Guard Corps has prohibited vessels from passing through the Strait of Hormuz, effectively closing this critical waterway through which about one-fifth of the world's crude oil is transported. Analysts from Barclays warned that "oil markets may have to face the worst-case scenario" and believe Brent crude prices could potentially reach $100 per barrel.

As one of China's major offshore oil and gas producers, CNOOC stands to benefit from higher oil prices. The company has demonstrated strong production growth with an 8.0% compound annual growth rate for crude oil production from 2021 to 2024, and maintains a competitive cost structure with a main cost per barrel of oil at $27.35 in the first three quarters of 2025.