On September 8, PETROCHINA rose 3.01% in regular trading, trading at HK$10.25/share, with turnover of HK$338 million. The rally was driven by escalating geopolitical tensions that pushed international oil prices sharply higher, with Brent crude touching $98.03 per barrel, marking a six-week high.

Goldman Sachs warned that if shipping attacks continue to escalate, Brent crude could surge to $120 per barrel, noting that the supply shock in refined products is even more severe. The broader Hong Kong-listed oil sector moved in tandem, with SINOPEC CORP gaining 3.7%. Morgan Stanley had previously projected Brent could peak at $100 per barrel in Q4, while the IEA flagged a doubling of the expected Q3 crude supply gap.

Fundamentally, PETROCHINA reported H1 attributable net profit of 103.936 billion yuan, up 22% year-over-year, with revenue rising 5.3% to 1,527.5 billion yuan. Operating cash flow reached 251.3 billion yuan, up 10.6%. The company declared an interim dividend of 0.26 yuan per share.晨星 raised its fair value estimate to HK$11.4, while Citi set a target price of HK$12, reinforcing a positive institutional outlook.

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