HK Stock Market Move | CNOOC Limited (00883) gained nearly 3% at the close, with oil prices rising over 25% in the past month. The fluctuation of crude oil may intensify due to low inventory.

CNOOC Limited (00883) rose nearly 3% in the final trading session, with a cumulative increase of over 18% for the month. As of the time of writing, it has risen by 2.55% to 24.1 Hong Kong dollars, with a turnover of 1.846 billion Hong Kong dollars. In terms of news, on July 22nd, WTI and Brent crude oil futures prices both rose over 4% during the Asian session. Since the beginning of the month, the cumulative increase in the prices of these two major oils has exceeded 25%. It has been reported that the Houthi armed group in Yemen announced the implementation of a Saudi maritime blockade, although there have been no reports of merchant ships being attacked in the vicinity of the Bab el-Mandeb Strait, several oil tankers have urgently changed course to leave the Red Sea. EB SECURITIES pointed out that during the last US-Iran conflict, a large amount of the oil market's buffer reserves were consumed. The IEA stated that member countries have already released nearly three-quarters of the 400 million barrels of emergency reserves announced in March, and in a few weeks, this supply to the market will be exhausted. With the peak season for oil consumption approaching, but with severe shortages in global crude oil and refined oil inventories, the IEA has warned of the risk of diesel shortages. If the US-Iran conflict continues, the oil market's regulatory mechanisms may malfunction, leading to greater volatility in the market.