Shares of Hong Kong-listed oil companies witnessed a sharp surge in early trading on September 10, propelled by escalating tensions in the Middle East.

Leading the gains, China Oilfield Services and CNOOC Ltd both climbed over 2%, while PetroChina Co Ltd added close to 1% during the morning session.

Market sentiment was driven by persistent concerns over potential disruptions to Middle Eastern crude supply, as the military standoff between the United States and Iran around the Strait of Hormuz shows no signs of easing. Shipping data reveals that commercial vessel transits through the strategic waterway have dropped to their lowest levels since May, amplifying supply fears.

Fueled by this geopolitical risk premium, Brent crude futures jumped as much as 4% intraday to reach $101.84 per barrel. Concurrently, WTI crude settled at $96.61 a barrel, marking its highest price in roughly three and a half months. As oil prices serve as a critical earnings anchor for upstream oil companies, this rally directly bolsters market confidence in their profit potential.

Adding further fundamental support, the International Energy Agency has warned that the projected supply deficit for the third quarter is expected to double from previous estimates. Meanwhile, JPMorgan released an energy market commentary on September 7, noting that Brent cash futures are making a second attempt at the $100 threshold since the breakdown of the June memorandum of understanding between Washington and Tehran. Although some oil shipments through the Strait of Hormuz have reportedly resumed, the sustainability and full reopening of the route remain highly uncertain.