July 30, 2026 I. A-share indices fluctuated downward; the STAR 50 Index plunged over 5.3%; total trading volume across Shanghai and Shenzhen exchanges reached RMB 2.34 trillion. On July 30, the three major A-share indices oscillated lower. By market close, the Shanghai Composite Index fell 0.62% to 3,804.69 points; the Shenzhen Component Index declined 2.73% to 13,285.80 points; the ChiNext Index dropped 3.97% to 3,244.62 points; and the STAR 50 Index tumbled 5.38% to 1,588.41 points. Total turnover across the Shanghai and Shenzhen stock exchanges rose to RMB 2.34 trillion, marking an increase from the previous trading day. Market performance reflected a defensive blue-chip style: banking, liquor, and passenger vehicle sectors advanced against the broader trend. Meanwhile, semiconductor, electronic chemicals, and AI computing-related sectors posted sharp corrections, pressured by overseas semiconductor sector adjustments and sentiment-driven volatility. II. The Federal Reserve held rates steady at 3.5%–3.75%; three votes for hiking underscored hawkish divisions. At 2:00 p.m. Beijing time on July 30, the U.S. Federal Open Market Committee (FOMC) concluded its July monetary policy meeting, voting 9–3 to maintain the federal funds rate target range at 3.50%–3.75%. This meeting featured rare dissent: the presidents of the Cleveland, Minneapolis, and Dallas Federal Reserve Banks each voted to raise rates by 25 basis points—reflecting heightened concerns about persistent inflation. In his press conference, the Fed Chair downplayed forward guidance, emphasizing that future rate decisions would hinge entirely on incoming economic and inflation data. III. U.S. military strikes on Iranian targets escalate Middle East tensions; Brent crude breaks above USD 90. On July 30, U.S. forces launched a new round of military strikes against targets inside Iran, abruptly intensifying geopolitical tensions in the Middle East and reigniting market fears of disruptions to oil supplies through the Strait of Hormuz and the wider region. Consequently, commodity markets surged on both safe-haven demand and supply-risk premiums: WTI crude futures briefly breached USD 85 per barrel, while Brent crude futures climbed above USD 90 per barrel; COMEX gold futures remained locked above USD 4,000 per ounce amid pronounced volatility. IV. Microsoft’s Q4 revenue hits USD 90.01 billion; Azure cloud growth at 43% drives after-hours surge. At 2:30 p.m. Beijing time on July 30, Microsoft released its fiscal year 2026 fourth-quarter and full-year financial results. Revenue for the quarter totaled USD 90.01 billion, up 18% year-on-year; full-year revenue surpassed USD 100 billion for the first time. Notably, Azure cloud revenue surged 43% year-on-year—exceeding Wall Street consensus—and AI services continued to amplify cloud performance. Fueled by stronger-than-expected commercialization of AI, Microsoft’s stock jumped nearly 9% in after-hours trading. V. The PBOC conducted RMB 27.05 billion 7-day and RMB 60 billion overnight reverse repos to ensure smooth month-end liquidity rollover. On July 30, the People’s Bank of China (PBOC) carried out RMB 27.05 billion worth of 7-day reverse repo operations and RMB 60 billion worth of overnight reverse repo operations—delivering substantial open-market liquidity injections. In response to the confluence of factors—including concentrated local government bond issuance at month-end, the tail end of the tax payment period, and financial institution performance evaluations—the PBOC deployed short-term and overnight liquidity tools with precision to offset funding volatility, ensuring ample interbank liquidity and stable short-term interest rates across the month-end transition.

Global Oil & Gas Industry Hot Topics Bulletin | July 30, 2026

Global Oil & Gas Industry Hot Topics Bulletin | July 30, 2026 🛢️ Today’s oil price movement was dominated by Middle East geopolitical risk premiums: renewed U.S.–Iran tensions, coupled with U.S. crude inventories hitting a new low since 2018, propelled Brent crude back above USD 90. The EU’s suspension of its methane regulation signals that energy security is systematically overriding climate priorities; meanwhile, Gulf states’ accelerated pipeline bypass projects—and Iraq’s USD 60-billion energy cooperation agreement with the U.S.—reflect a structural reshaping of global oil transportation networks driven by the Strait of Hormuz crisis. Simultaneously, AI technology is rapidly penetrating every link of the oil & gas value chain, shifting competitive dynamics from resource ownership toward data intelligence—while the energy transition seeks new equilibrium amid mounting security anxieties. 1. International oil prices surged ~8%; Brent crude rebounds above USD 90 At market close on July 29, Brent crude futures soared 7.91% to USD 90.74 per barrel; WTI rose 6.56% to USD 84.46 per barrel. A joint U.S.–Saudi air strike targeted Iranian-backed militias inside Iraq; Iran retaliated by firing on vessels in the Strait of Hormuz and U.S. military bases in Jordan; and former U.S. President Trump pledged further strikes against Iran. Concurrently, EIA data revealed that U.S. crude inventories plunged 7.2 million barrels week-on-week to 404.5 million barrels—the lowest level since 2018—and far exceeded market expectations. Source: Xinhua News Agency, Wall Street Insights, People’s Finance News 2. EU suspends methane emission regulations for three years—climate goals yield to energy security The European Commission recommended that member states suspend penalties against oil & gas companies violating methane emission laws for three years—a move resulting from sustained pressure from the U.S., Qatar, and most EU member states. Amid the Strait of Hormuz crisis, stakeholders fear that strict methane rules—scheduled to take effect in January 2027—would further strain Europe’s already fragile fuel supply, risking erosion of the EU’s climate credibility. Source: China Chemical News, Sina Finance 3. Deepening Strait of Hormuz crisis prompts Gulf states to accelerate bypass pipeline construction Traffic through the Strait of Hormuz has sharply declined; Houthi attacks on Saudi oil tankers in the Red Sea have disrupted Saudi Arabia’s westward crude exports. At least seven major pipeline projects are now underway: ADNOC is investing USD 3 billion to build the Fujairah Pipeline (adding 1.2 million barrels per day capacity); Goldman Sachs forecasts Gulf bypass export capacity will reach 14.2 million barrels per day by 2028; Chevron will lead reconstruction of the Kirkuk–Baniyas pipeline in Syria, with initial capacity of 2 million barrels per day. Source: Cailian Press, Goldman Sachs Research Report 4. Iraq signs over USD 60 billion in U.S. energy cooperation agreements Following his U.S. visit, Iraq’s Prime Minister signed 48 bilateral cooperation agreements totaling over USD 60 billion with American partners—including ExxonMobil, Shell, Halliburton, Chevron, KBR, and GE Vernova. The core objective is to reduce Iraq’s 90% export dependence on the Strait of Hormuz. The U.S. State Department described these pipeline initiatives as “critical energy corridors.”

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