$CNOOC(00883.HK) dipped slightly. Brent crude has already climbed above $94, yet it still fell a little. The divergence between this leading Hong Kong-listed oil & gas stock and oil prices is quite glaring. Is it due to overall Hong Kong market liquidity pressure, or does the market believe this round of oil price surge is just a geopolitical impulse that won't change long-term pricing assumptions? It looks more like the latter—even when oil prices broke $100 last time, it didn't fully follow. Stocks with a dividend logic are always insensitive to impulse-driven oil price moves. To really see it move, you'd have to wait for oil prices to stabilize at high levels for more than a quarter.