China’s biggest offshore oil and gas driller said its first-half profits rose due to a surge in global energy prices. Cnooc Ltd.’s net income was 85.8 billion yuan ($12.8 billion) for the six months through June, it said in an exchange filing. The company earned 69.5 billion yuan in the first half last year.

The increase was driven by higher crude oil prices following geopolitical tensions in the Middle East, particularly the Iran conflict, which tightened global supply and lifted benchmark Brent crude to multi-month highs. Cnooc’s upstream production and pricing power benefited significantly from the elevated market environment. The results underscore the company’s sensitivity to international oil price movements and its role as a key beneficiary of volatile energy markets.

Analysts noted the profit jump reflects both favorable pricing and stable operational output during the period. The firm did not revise its full-year guidance but signaled continued strength if prices remain elevated.