Hong Kong Stock Anomaly | Oil stocks continue upward trend, impact of strategic petroleum reserve releases weakens, Strait of Hormuz remains closed, still pushing up oil prices

LootboxPhobia · 2026-03-12T05:50:18+00:00

Oil stocks continue to rise, with CNOOC, PetroChina, and others performing well. The International Energy Agency has decided to release 400 million barrels from oil reserves to address supply risks caused by the Middle East conflict. After short-term fluctuations, oil prices have stabilized. Analysts point out that the security situation in the Strait of Hormuz will directly affect oil price stability, and releasing reserves is only a short-term measure.

LootboxPhobia

2026-03-12 05:50:18

Abstract generation in progress

CITIC Finance APP has learned that oil stocks continue their upward trend. As of the latest report, CNOOC (00883) rose 4.63% to HKD 29.36; PetroChina (00857) increased 3.52% to HKD 10.87; Shanghai Petrochemical (00338) gained 2.05% to HKD 1.49; CNOOC Services (02883) went up 1.71% to HKD 10.13; and Kunlun Energy (00135) rose 1.07% to HKD 8.47.

On the news front, IEA Director Fatih Birol stated on March 11 that 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves to address the risk of global energy supply disruptions caused by the war in the Middle East. After the IEA officially announced this, international oil prices initially dropped by $3 but quickly recovered and remained relatively stable. A recent analysis by JPMorgan suggests that unless the security of passage through the Strait of Hormuz is guaranteed, all policy tools will have limited impact on oil prices, as potential supply losses over the next two weeks could reach up to 12 million barrels per day.

Other industry analysts believe that the market has already priced in the news of the strategic reserve release by IEA member countries. They note that whether strategic reserves can effectively stabilize oil prices ultimately depends on how long the Strait of Hormuz remains closed, as releasing reserves is essentially a temporary and short-term measure. If shipping through the strait remains severely restricted for an extended period, relying solely on strategic reserves will not be enough to prevent further oil price increases.

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