On July 14, CNOOC rose 3.05% in regular trading, trading at HK$22.92/share, with turnover of HK$1.311 billion. The rally was driven by a sharp escalation in US-Iran tensions over the Strait of Hormuz, which sent global oil prices surging by over 9% in a single session.

On the news front, the US announced the resumption of a maritime blockade on Iran, imposing a 20% fee on all cargo transiting the Strait of Hormuz and banning Iranian vessels or their customers from entering the waterway. Iran's Islamic Revolutionary Guard Corps Navy had previously declared the strait closed effective immediately. The standoff caused global oil supply risk premiums to spike sharply. Overnight, WTI crude surged $6.73 to close at $78.14/barrel, a 9.4% gain marking the largest single-day rise in over two and a half months. Brent crude jumped $7.29 to close at $83.30/barrel, up approximately 9.6%, its biggest single-day dollar gain in over three months. Hong Kong-listed oil stocks rallied broadly in response.

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