On July 14, Shandong Molong (00568.HK) rose 15.54% in regular trading, trading at HK$6.32/share.
The rally was driven by escalating US-Iran military tensions that sent international crude oil prices surging. Following US airstrikes on approximately 140 Iranian military targets, the US military launched a new round of operations against Iran, aimed at further weakening Iran's ability to attack vessels passing through the Strait of Hormuz. In response, the Islamic Revolutionary Guard Corps Navy announced the immediate closure of the Strait of Hormuz, banning all vessel transit. The geopolitical escalation pushed both WTI and Brent crude futures up over 4% in the Asia-Pacific morning session, with Brent breaking above the $79/barrel level.
Within the Oil & Gas Equipment & Services sector, Petro-King rose 13.64%, Sinopec SSC rose 5.0%, and Dalipal Holdings rose 1.66%, reflecting broad sector strength tied to surging crude prices amid supply disruption fears.
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