Changes in Hong Kong stocks | Petroleum stocks continue to rise recently, and the escalation of the US-Iran conflict compounded the rise in international oil prices during the peak season for refined oil products

The Zhitong Finance App learned that petroleum stocks continued their recent gains. As of press release, CNOOC (00883) rose 5.46% to HK$23.96; CNPC (00857) rose 5.21% to HK$10.09; CNOOC Services (02883) rose 3.85% to HK$7.02; and Sinopec (00386) rose 1.88% to HK$4.34.

According to the news, on the 19th local time, the US and Iran separately released news on the traffic situation in the Strait of Hormuz. Both sides held their own opinions. The US side said that currently there are still ships passing through the Strait of Hormuz normally; Iran, on the other hand, said that the traffic volume of the Strait of Hormuz has dropped to zero. On the same day, following another round of air raids on Iran, the US military attacked Iran's major oil town of Abadan.

Ping An Securities pointed out that the short-term conflict between the US and Iran escalated again, and the Strait of Hormuz was once again blocked, compounding the recovery in demand for refined oil products during the peak season, and oil prices returned to rise; however, we believe that the intensity and persistence of this round of conflict may be weaker than in the early stages of the outbreak of the conflict. The overall direction of geographical risk is declining, and Brent oil prices may return to around 80 US dollars/barrel later. Faced with sharp fluctuations in international oil prices, domestic oil companies have reduced the sensitivity of their performance to oil prices through integrated upstream and downstream layout and diversification of oil and gas sources, and have accelerated investment in opening up domestic offshore oil and gas resources in order to reduce the degree of external energy dependence.