Chinese oil majors PetroChina, Sinopec, and CNOOC all closed at record highs on March 2, driven by expectations of higher crude prices amid escalating geopolitical tensions in the Middle East. PetroChina’s market capitalization reached 2.19 trillion yuan, extending its surge beyond the 2 trillion yuan mark. The rally reflects market concerns over potential supply disruptions in the Strait of Hormuz, a critical global oil transit route, which have strengthened bullish sentiment across China’s energy sector.