Strained Situation in the Strait of Hormuz, International Oil Prices Open High and Then Drop, Volatile Fluctuations(Includes Video)

2026-03-03 05:18:22

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[Caixin] International oil prices experienced sharp fluctuations after the market opened on March 2.

Initially, international oil prices surged, with UK Brent and US WTI crude futures reaching a high of $82.37 and $75.33 per barrel respectively, up 12.5% and 12% from the previous trading day’s close. Subsequently, both contracts fluctuated and declined, with Brent and WTI falling to a low of $75.75 and $69.2 per barrel during the session. Prices then rebounded again, and as of press time, they were approximately $78 and $71.6 per barrel, with gains narrowing to about 7%.

Chinese oil and gas companies’ stock prices also rose accordingly. As of midday Beijing time on the 2nd, China National Petroleum Corporation (601857.SH) increased by 7.55%, China Petroleum & Chemical Corporation (600028.SH) rose by 3.72%, and China National Offshore Oil Corporation (600938.SH) gained 10%.

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