Optimism Over US-Iran Negotiations Drives Oil Price Plunge; Hong Kong Oil Stocks Drop, Yanchang Petroleum Warns of Loss, Sinking Nearly 14%

Deep News08-05 10:00

Oil prices tumbled as market optimism grew over the possibility of a mediated agreement between the US and Iran, potentially averting a new round of military strikes. This sentiment reversed earlier gains and pushed US Treasury bonds higher.

Brent crude saw its second consecutive day of sharp declines, dropping over 5% and falling below $80 per barrel for the first time since mid-July.

In Hong Kong, oil stocks largely declined. Shares of Yanchang Petroleum International Ltd (00346.HK) plunged nearly 14% after issuing a profit warning. PetroChina Co Ltd (00857.HK) and CNOOC Ltd (00883.HK) both fell more than 2%, while COSL (China Oilfield Services Ltd) (02883.HK) dropped nearly 2%.

On the individual stock front, Yanchang Petroleum International Ltd (00346.HK) announced that the group expects (i) revenue of approximately HK$7.024 billion for the six months ending June 30, 2026 (compared to about HK$9.995 billion in the same period of 2025), representing a decrease of about 30% year-on-year, and (ii) a loss of approximately HK$40.2 million for the same period (compared to a loss of about HK$27.8 million in the 2025 period), an increase of about 44% year-on-year.

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