HK Stock Market Move | Oil stocks all opened higher, the situation in Iran has pushed up the risk premium for crude oil, and Brent oil rose nearly 13% at one point.

Oil stocks opened higher across the board, with China Oilfield Services (02883) up 8.03% at HK$10.9; CNOOC (00857) up 5.87% at HK$10.1; Sinopec (00386) up 2.39% at HK$5.58. On the news front, on February 28th, the US and Israel carried out military strikes against Iran, prompting retaliatory strikes from Iran. Iran's Supreme Leader Khamenei and former President Ahmadinejad were killed in the military strikes. On Monday, Brent crude oil surged nearly 13% at the open to $81.57 per barrel. As of the time of writing, Brent crude oil was at $76.79 per barrel, up 5.38%. According to a recent report by Goldman Sachs, the weekend oil market has already factored in a risk premium of $18 per barrel, equivalent to the expected impact of a six-week full closure of the Strait of Hormuz. It has been reported that three oil tankers in the region have been damaged, leading many carriers, oil producers, and insurance companies to adopt a cautious stance.