Net income rose to 103.9 billion yuan (US$15.4 billion) for the six months through June, the company said in an exchange filing Sunday. The company earned 85.2 billion yuan in the first half of last year. Revenue climbed 5.3%.

Brent crude averaged about US$87 a barrel from January through June, compared with around US$71 in the same period in 2025. Prices touched a four-year high above US$126 a barrel in late April, two months after the US and Israel began a military campaign against Iran. Prices remain volatile as the conflict, now in its sixth month, shows no sign of stopping.

The company also operates a large refining operation. For that unit, higher oil prices means more expensive feedstock costs. PetroChina wasn’t able to pass those along to consumers, as the government curbed fuel exports and capped domestic prices to shield the economy from inflation.

PetroChina’s sister company Sinopec said earlier that the Iran War and China’s own clean energy innovations had probably helped tip oil demand into decline, with the country’s consumption likely peaking last year.

Uploaded by Liza Shireen Koshy