Most oil and gas stocks are trading higher in Hong Kong, as international crude prices reclaim the $100 mark following renewed geopolitical turbulence that is injecting a temporary risk premium into the market.

As of the latest trading update, CHINA OILFIELD (02883) advanced 3.71% to HK$7.97, while DALIPAL HLDG (01921) climbed 3.28% to HK$3.465. Meanwhile, SINOPEC SSC (01033) gained 2.82% to HK$0.73, and CNOOC (00883) rose 1.45% to HK$25.24.

According to recent reports, oil prices jumped sharply on Monday as escalating attacks on tankers and energy infrastructure in the Middle East rattled supply expectations. Brent crude futures for London surpassed the $100-per-barrel threshold for the first time in nearly six weeks, while US crude futures broke above $95 per barrel, reaching highs not seen since early June.

In a fresh energy market commentary, JPMorgan noted that despite partial resumption of oil shipments through the Strait of Hormuz, significant uncertainty remains over whether the passage can be sustained or fully reopened.

Analysts at Baocheng Futures suggest that recurring geopolitical disruptions in the Middle East are fueling market sentiment swings and generating short-term risk premiums. Although OPEC+ continues its output expansion policy, the ongoing US-Iran conflict has introduced shipping route uncertainties that have curbed production capacity and hindered export flows, with external market volatility now filtering through to Chinese domestic trading floors.

As the US-Iran standoff intensifies and clashes emerge between Houthi forces and Saudi Arabia, the heightened geopolitical risk backdrop is likely to keep crude futures trading in a volatile yet upwardly biased range.