HK Stock Market Move | "Big Three Oil Companies" fall collectively; PetroChina (00857) drops over 3% as progress in US-Iran nuclear talks deals a heavy blow to international oil prices.

The "Big Three Oil Companies" fell collectively. As of press time, PETROCHINA (00857) dropped 3.16% to HK$10.10; CNOOC (00883) fell 2.05% to HK$22.88; SINOPEC CORP (00386) declined 1.04% to HK$4.775. On the news front, according to media reports, progress has been made in the US-Iran nuclear talks, with both sides expected to reach a preliminary agreement on Iran's uranium enrichment issue. Sources said the US would allow Iran to conduct uranium enrichment domestically at a concentration of 3.67%, and the Iranian side has expressed acceptance. The two sides are also arranging discussions on the return of International Atomic Energy Agency inspectors to Iran. Affected by this news, international oil prices fell sharply on Monday, with US crude dropping more than 6% at one point during intraday trading and Brent crude falling nearly 8%. Meanwhile, Iran was reported to have softened its stance on the Strait of Hormuz issue, with the president stating willingness to break the "neither war nor peace" deadlock through negotiations; Trump, for his part, said he would not escalate military conflict with Iran but would make some adjustments to his cabinet.