HK Stock Market Move | Some oil and gas stocks opened higher, conflict between the US and Iran continues to escalate, Trump wants to charge 20% fee on shipping through the Strait.
Some oil and gas stocks opened high, as of the time of writing, Shandong Molong (00568) rose by 14.99%, closing at 6.29 Hong Kong dollars; Sinopec Oilfield Service (01033) rose by 5%, closing at 0.63 Hong Kong dollars.
Some oil and gas stocks opened higher. As of the time of writing, Shandong Molong Petroleum Machinery (00568) rose by 14.99% to HK$6.29, SINOPEC SSC (01033) rose by 5% to HK$0.63, PetroChina (00857) rose by 3.57% to HK$9.58, and CNOOC (00883) rose by 2.43% to HK$22.8.
On the news front, tensions between the US and Iran continue to escalate, with both NYMEX crude oil and Brent crude oil closing nearly 10% higher last night. As of the time of writing, Brent crude oil has surged past $84 per barrel. According to US sources on the 13th, US President Trump has officially notified Congress that a conflict with Iran has reignited. Additionally, Trump has stated that the US will resume naval blockades against Iran and will charge a 20% fee for shipping through the Strait of Hormuz. The US Central Command has announced that US forces began a third consecutive night of airstrikes against Iran on the afternoon of July 13th Eastern Time.
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