Why is PetroChina stock rallying today?

PetroChina stock rose 3.2% to HK$10.27 on Thursday after the company reported a sharp jump in third-quarter profit on robust oil and gas prices.

Net income attributable to shareholders rose 21.6% year-over-year to RMB 51.84 billion ($7.78 billion) — driven by elevated oil and gas prices linked to the ongoing Middle East conflict.

Quarterly revenue rose 10.4% to RMB 793.57 billion, while nine-month net profit surged 21.9% to RMB 155.78 billion on revenue of RMB 2.32 trillion.

The average realized crude oil price for the nine-month period climbed 18.5% to $77.65 per barrel, underscoring the pricing tailwind that powered results well ahead of expectations.

The broader Hong Kong market provided little support, trading sideways for the day. Oil prices fell 1%, extending recent losses amid continued signs of improving Middle East supplies.