Shandong Molong Shares Surge Over 10% Amid Renewed US-Iran Tensions and Oil Price Rebound

Stock News06-10

Shares of Shandong Molong (00568) have rebounded by more than 10%, following a significant drop of nearly 18% in the previous trading session.

At the time of writing, the stock is up 10.85%, trading at HK$6.13, with a turnover of HK$266 million.

This upward movement coincides with a recovery in international oil prices, as Brent crude futures briefly surpassed $93 per barrel.

The geopolitical backdrop involves renewed tensions between the United States and Iran. The US Central Command stated on social media that it had initiated what it termed "defensive strikes" against Iran starting at 5 p.m. Eastern Time, in response to the downing of a US Apache attack helicopter.

Prior to these military actions, the former US President posted on social media, confirming that an Apache helicopter was shot down by Iran while patrolling the Strait of Hormuz. He noted that both crew members were safe and stated that the US "must respond to this attack."

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