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Oil prices surge overnight, Hong Kong oil stocks rebound; PetroChina up 2%
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Hong Kong-listed oil stocks rebounded on Wednesday, with China Petroleum & Chemical Corporation (Sinopec) rising 2.03%, CNOOC up 2.14%, COSL gaining 1.33%, and Kunlun Energy adding 0.40%. The rebound followed a sharp increase in international oil prices overnight. November-delivery West Texas Intermediate crude on the New York Mercantile Exchange rose 1.81% to $92.16 per barrel, while November-delivery Brent crude on London's ICE Futures exchange surged 3.86% to $103.08 per barrel. The price jump was attributed to geopolitical tensions, as Iran's Supreme National Security Council secretary stated that the Strait of Hormuz would not reopen and negotiations would not occur until Iran's conditions are met. The statement was made in response to US President Donald Trump's speech at the United Nations General Assembly, which Iran described as an attempt by a 'failed aggressor' to justify his actions.
Source report
Oil-related stocks saw a broad recovery in today's trading session. As of the time of reporting:
- PetroChina (00857) rose 2.03%
- CNOOC (00883) gained 2.14%
- COSL (02883) increased 1.33%
- Kunlun Energy (00135) edged up 0.40%
Market Drivers
International crude oil prices experienced a sharp rally overnight:
- NYMEX light sweet crude for November delivery rose 1.81%, settling at $92.16 per barrel
- Brent crude for November delivery surged 3.86%, closing at $103.08 per barrel
Geopolitical Context
According to foreign media reports, Iran's Supreme National Security Council Secretary stated that U.S. President Donald Trump's speech at the United Nations General Assembly was an attempt to justify his actions under the guise of a "failed aggressor." The official further emphasized that the Strait of Hormuz will not reopen, and no negotiations will take place, until Iran's conditions are met.
Source
金吾资讯Eastern
Part of this Story
Iran threatens Strait of Hormuz closure, Hong Kong oil stocks surge on geopolitical tensions