A-shares' "Three Big Oil" companies close with their first-ever collective limit-up, as escalating geopolitical conflicts boost crude oil price expectations

GateUser-6433627c · 2026-03-02T07:05:28+00:00

On March 2nd, the "Three Oil Giants" in A-shares hit their daily limit-up for the first time in history, with China National Petroleum Corporation reaching an 11-year high. Middle East geopolitical conflicts are driving expectations of rising crude oil and commodity prices, with several ships halted in the Strait of Hormuz. Goldman Sachs predicts that if supply disruptions occur, it will trigger a surge in prices, leading to a reassessment of global inflation and policies.

GateUser-6433627c

2026-03-02 07:05:28

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On March 2nd, according to CEX market data, the “Three Big Oil” companies in A-shares all hit their daily limit-up for the first time in history. China National Petroleum Corporation (CNPC) reached a nearly 11-year high with a total market value of 2.19 trillion yuan; China National Offshore Oil Corporation (CNOOC) hit a new high since its listing in 2022, with a market value of 1.88 trillion yuan; China Petroleum & Chemical Corporation (Sinopec) reached its highest since October 2024, with a market value of 859.7 billion yuan. The escalation of Middle East geopolitical conflicts has boosted expectations for rising crude oil and other commodities. Shipping data shows over 200 ships, including oil and liquefied gas tankers, anchoring in the Strait of Hormuz and nearby waters. An oil tanker was attacked and damaged along the Persian Gulf coast. Goldman Sachs estimates that a complete six-week disruption of supply through the Strait of Hormuz could add an risk premium of $18 per barrel; a 50% supply disruption for one month could add about $4. The consensus among multiple institutions is that if oil prices approach $90 per barrel, global inflation and monetary policy paths will need to be reassessed.

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