HK Stock Market Move | Some oil and gas stocks decline. Iran will hold talks with the United States at the UN General Assembly on opening the strait. International oil prices plunge.

Some oil and gas stocks declined. As of press time, Shandong Molong Petroleum Machinery (00568) fell 4.13% to HK$4.18; CIMC ENRIC (03899) dropped 1.65% to HK$7.15; SINOPEC SSC (01033) slipped 1.53% to HK$0.645. On the news front, on September 22 local time, Iranian Foreign Minister Araghchi and U.S. Presidential Envoy Witkoff held a meeting in New York during the 81st United Nations General Assembly session. Iran's conditions for reopening the Strait of Hormuz include: the United States immediately lifting its maritime blockade, immediately unfreezing all Iranian assets, and ending the war on all regional fronts. Affected by the news, international oil prices plunged during intraday trading, with WTI crude oil briefly falling below $90 per barrel, the first time since September 8. Shanghai Mid-Term Futures analysis believes that oil prices are likely to be dominated by wide-range fluctuations, with the supply side determining the downside space for oil prices and the geopolitical side determining upside risks. If Saudi pipeline and Yanbu port exports recover smoothly and actual supply losses narrow, oil prices may continue to give back the previous geopolitical premium; weak demand also constrains sustained high oil prices. However, there is still no clear timetable for the resumption of navigation through the Strait of Hormuz. If the U.S.-Iran conflict, the Strait of Hormuz situation, or the Saudi-Houthi situation escalates again, oil prices may still quickly reprice the risk of supply disruptions.