A-share "Three Barrel Oil" collectively hit limit up at close for the first time in history, intensifying geopolitical conflicts boosted expectations of rising oil prices

March 2 (Bitget Market Data) — Three major Chinese oil companies hit their daily price limits collectively for the first time ever on Thursday. - PetroChina reached a nearly 11-year high, with a total market cap of 2.19 trillion yuan. - CNOOC hit a new high since its 2022 listing, valued at 1.88 trillion yuan. - Sinopec posted a new high since October 2024, with a market cap of 859.7 billion yuan. Escalating Middle East geopolitical tensions have lifted expectations for higher oil and commodity prices. Shipping data shows over 200 vessels are anchored in the Strait of Hormuz and adjacent waters, including oil and LNG tankers—some of which have been damaged in attacks along the Persian Gulf coast. Goldman Sachs estimates: - A $18-per-barrel risk premium for oil if Strait of Hormuz supply is fully disrupted for six weeks. - A roughly $4 premium if 50% of supply is disrupted over one month. Several institutions note that oil prices near $90 a barrel would force a reassessment of global inflation and monetary policy paths.