On July 6, PetroChina fell 3.63% at open, trading at HK$8.5 per share, with turnover of HK$2.567 million. The decline was driven by crude oil fully retracing gains accumulated during the Middle East conflict period, compounded by continued weakness in domestic fuel demand.

On the news front, following the US-Iran ceasefire agreement, shipping volumes through the Strait of Hormuz have recovered significantly, removing the geopolitical risk premium from oil prices. Domestically, gasoline and diesel prices recorded three consecutive cuts, marking the largest decline in nearly six years. PetroChina's Planning and Engineering Institute projects China's full-year oil consumption will fall 4.9% year-over-year to 753 million tons, signaling a clear demand inflection point. Morgan Stanley recently slashed its Q3 Brent oil price forecast by $15 to $75 per barrel, citing faster-than-expected reopening of the Strait. The stock has now retreated over 25% from its May high, with the downward shift in oil price center directly pressuring profitability of the upstream exploration and production segment.

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