Hong Kong Stocks Move: Oil Shares Open Broadly Lower as Middle East Tensions Ease; Overnight International Crude Plunges Over 7%

Stock News09:28

Oil stocks opened broadly lower. As of press time, PetroChina Co Ltd (HKEX: 00857) fell 2.87% to HK$10.5; Shandong Molong Petroleum Machinery Co Ltd (HKEX: 00568) dropped 2.8% to HK$3.64; China National Offshore Oil Corp Ltd (HKEX: 00883) declined 2.61% to HK$23.88; and China Oilfield Services Ltd (HKEX: 02883) slipped 1.49% to HK$7.58.

On the news front, international oil prices fell sharply on Monday, with Brent crude futures closing down 7.63% and U.S. crude futures dropping 7.36%. According to reports, talks between the United States and Iran have made a breakthrough under Qatar's mediation, with relevant procedural obstacles having been resolved.

Iranian President Pezeshkian stated that the government is working to resolve issues through dialogue, and Iran's Supreme Leader has granted the government certain authority. Iranian Foreign Minister Araghchi said that the indirect consultations between Iran and the United States, conducted through mediators Qatar and Pakistan, have been "very intensive," and that Iran has put forward its own conditions. U.S. President Trump said he will not launch strikes against Iran after the midterm elections.

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