A-share "Three Barrels of Oil" collectively hit the daily limit up for the first time in history, geopolitical tensions intensify boosting expectations of an oil price increase

BlockBeats News, March 2nd, according to Bitget market data, the three major Chinese oil companies collectively hit the daily limit for the first time in history. PetroChina hit a nearly 11-year high with a total market value of 2.19 trillion yuan; CNOOC hit a record high since its listing in 2022 with a total market value of 1.88 trillion yuan; Sinopec hit a new high since October 2024 with a total market value of 859.7 billion yuan.

The escalation of the Middle East geopolitical conflict has boosted expectations for the rise in crude oil and other commodities. Shipping data shows that more than 200 ships are anchoring in the vicinity of the Strait of Hormuz, including oil and liquefied natural gas tankers. Some tankers have been damaged in attacks along the coast of the Persian Gulf. Goldman Sachs estimates that if there is a complete shutdown of the supply through the Strait of Hormuz for 6 weeks, there could be a risk premium of $18 per barrel of oil; if only 50% of the supply is interrupted for a month, the premium would be around $4. Several institutions believe that if the oil price approaches $90 per barrel, global inflation and the monetary policy path will face reassessment.