Hong Kong Stock Market Movement | Oil stocks open higher across the board, Iran situation pushes up crude oil risk premium, and Brent crude once surged nearly 13%

LootboxPhobia · 2026-03-02T08:26:30+00:00

Oil stocks generally rose, with CNOOC Services up 8.03% and PetroChina up 5.87%. Due to the military strikes by the US and Israel on Iran, crude oil prices fluctuated significantly, with Brent crude oil prices rising by 5.38%. The market has already accounted for potential risk premiums.

LootboxPhobia

2026-03-02 08:26:30

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CITIC Finance APP reports that oil stocks opened higher across the board. CNOOC Services (02883) rose 8.03% to HKD 10.9; China National Petroleum (00857) increased 5.87% to HKD 10.1; CNOOC (00883) gained 5.06% to HKD 26.6; Sinopec (00386) went up 2.39% to HKD 5.58.

On the news front, on February 28, the US and Israel conducted military strikes on Iran, which retaliated. Iran’s Supreme Leader Khamenei and former President Ahmadinejad were killed in the attack. On Monday, Brent crude oil surged nearly 13% at the open, reaching $81.57 per barrel. As of press time, Brent crude is at $76.79 per barrel, up 5.38%.

Goldman Sachs’ latest report indicates that the weekend oil market has already priced in an $18 per barrel risk premium, equivalent to the expected impact of a complete six-week blockade of the Strait of Hormuz. Reports say three oil tankers have been damaged in the region, and many carriers, oil producers, and insurers have shifted to a cautious wait-and-see mode.

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