On August 11, PETROCHINA rose 3.08% in regular trading, reaching HKD 9.875 per share, with turnover of HKD 84.98 million. The rally was driven by a sharp surge in international crude oil prices amid escalating Middle East supply disruptions.
Iran's Supreme National Security Council Secretary Zolghadr stated that the Strait of Hormuz will remain closed unless the US meets five conditions, including permanently halting military operations against Iran, lifting all sanctions, returning frozen assets, and paying reparations. The strait handles approximately one-fifth of global oil and gas shipments. Domestic crude oil futures rose over 3% in early trading, with the front-month contract reaching RMB 554.5 per barrel. Additionally, Houthi forces attacked a Saudi Aramco refinery, further tightening supply expectations.
US President Trump claimed the US has 100% control over the Hormuz Strait, while Iran's Foreign Minister stated there are currently no negotiations with the US, dimming prospects for a near-term resolution. Brent crude closed at USD 88.22 per barrel last week, with geopolitical risk premiums remaining elevated amid continued diplomatic deadlock.
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