Shandong Molong Shares Surge Over 8% at Open as Iran-US Tensions Drive Oil Prices Higher

Stock News07-13

Shares of Shandong Molong Petroleum Machinery Company Limited (ASX: 00568) opened sharply higher, gaining more than 8%. At the time of writing, the stock was up 8.54% to HK$5.34, with a turnover of HK$8.512 million.

The surge is linked to escalating tensions between the US and Iran, which have driven a significant rally in international oil prices. During early Asia-Pacific trading on July 13, both WTI and Brent crude futures surged by more than 4%. Brent crude futures have now broken through the $79 per barrel level.

The price spike follows a series of military actions. After US forces struck approximately 140 Iranian military targets last Saturday, the US Central Command announced on the evening of the 12th that a new round of strikes against Iran had commenced. These actions were described as aimed at further degrading Iran's ability to attack vessels freely navigating the Strait of Hormuz.

In response, Iran's Islamic Revolutionary Guard Corps Navy declared early on the 12th that the Strait of Hormuz is closed from today, prohibiting the passage of any vessels.

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