Stock Track | Shandong Molong Plummets 14.94% at Open as US-Iran Ceasefire Triggers Oil Price Crash

Stock Track09:38

Shandong Molong Petroleum Machinery Company Limited (00568) shares plummeted 14.94% at the market open on Wednesday, reflecting a sharp decline in energy sector stocks.

The sell-off followed news of a geopolitical de-escalation, as the former US President announced acceptance of a two-week ceasefire proposal mediated by Pakistan, which was also accepted by Israel and Iran. This reversal in Middle East tensions led to a dramatic plunge in international oil prices.

WTI crude oil futures crashed over 19% on the news, directly pressuring shares of energy-related companies. The broader Hong Kong energy sector opened significantly lower in tandem with the oil price movement.

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