HK Stock Market Move | CNOOC (00883) rose more than 3% in the morning, the global oil and gas market is once again impacted, and the company is expected to directly benefit from the recent rise in oil prices.

CNOOC (00883) rose over 3% in the morning, with a rise of 3.39% to HK$29.26 as of the time of writing, with a trading volume of HK$3.553 billion. On the news front, on Wednesday local time, Iran warned multiple countries around the Persian Gulf that a large amount of energy assets have become "legitimate targets" following an Israeli attack on the world's largest gas field, the South Pars gas field in Iran. The global oil and gas market was once again impacted by this statement. China International Capital Corporation pointed out that as a pure upstream exploration and production company, CNOOC directly benefits from the recent rise in oil prices. Although the marginal benefits of further oil price increases are diluted by China's windfall tax, the negative impact on the company is relatively small due to its high overseas production share. JP Morgan previously released a research report stating that if oil prices rise to $80 per barrel in the long term, it will bring significant upside potential to major oil companies. Among the Asian energy companies covered by the bank, CNOOC is the most sensitive to the oil price trend due to its 70% oil production structure. JP Morgan raised CNOOC's earnings forecast by 41% and 19% for 2026 and 2027 respectively to reflect higher oil price forecasts.