**Petro Surge on ME Tensions: WTI $88+/Brent $95+ Hormuz IEA Worst Crisis 12M bpd Slash/20% Glb Supply/Battery Chain Ni/Co/Li Crunch/CNOOC EOG CNPC Green Pivot**
Key Questions
What caused the recent surge in oil prices?
WTI rose 5.7% to $88.61 and Brent 5.2% to $95.12 due to Middle East tensions, including US-Israel-Iran clashes. Hormuz Strait risks threaten 13 million bpd supply. IEA warns of worst energy crisis with potential 12 million bpd cuts.
How is the Hormuz crisis impacting battery supply chains?
Hormuz closure drives shortages in battery ingredients like Ni, Co, Li due to sulfur shortages in refining. This hits margins for companies like CATL. Global supply crunch worsens 20% supply risks.
What is CNPC's strategy amid oil volatility?
CNPC allocated 7% of 2025 R&D (272 billion yuan) to renewables, accelerating green pivot. It maintains high performance despite tensions. This balances oil/gas with energy transition goals.
WTI+5.7%$88.61/Brent+5.2%$95.12/Hormuz 13Mbpd/IEA flags US-Israel-Iran clash worst energy crisis 12M bpd cut 400M barrel SPR; sulfur shortage hits Ni/Co/Li refining/CATL margins; CNPC 2025 renewables7% R&D272B.