The Zhitong Finance App learned that petroleum stocks were weakening collectively. As of press release, CNOOC (00883) fell 3.14% to HK$22.86; CNOOC (02883) fell 1.65% to HK$6.865; and CNPC (00857) fell 1.45% to HK$9.505.

According to the news, due to the strengthening of expectations of easing in the US and Iran, international oil prices dropped significantly, and Brent crude oil fell below 80 US dollars. Earlier, US Treasury Secretary Bessent told CNBC that the US side is in contact with Iran and may reach an agreement to reopen the Strait of Hormuz as soon as this week or even today and tomorrow. At that time, freedom of navigation will be achieved, and Iran will not charge tolls.

Additionally, OPEC+ continues to advance the supply recovery plan. Seven core member states announced on Sunday that they will raise production quotas by about 188,000 b/d in September. This is the sixth month in a row that the alliance has increased supply. Countries participating in this increase in production include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

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