Aviation Stocks Lead Gains in Hong Kong Market as Iran Reopens Strait of Hormuz; Oil Prices Plunge Over 16%

Stock News09:30

Aviation stocks are leading gains in the Hong Kong market. At the time of writing, CHINA EAST AIR (00670) rose 10.75% to HK$4.12; AIR CHINA (00753) increased 9.38% to HK$5.25; CHINA SOUTH AIR (01055) climbed 8.64% to HK$4.40; and CATHAY PAC AIR (00293) advanced 5.43% to HK$12.03. The surge follows reports that Pakistan's Prime Minister Shehbaz Sharif requested U.S. President Donald Trump to extend a "deadline" by two weeks and urged Iran to reopen the Strait of Hormuz for the same period. A ceasefire officially took effect at 8:00 a.m. Beijing time. Iran, the United States, and Israel have all formally agreed to the proposal. During early Wednesday trading in the Asia-Pacific region, WTI crude oil fell by more than 16%. It is worth noting that the U.S. Energy Information Administration (EIA) stated that even if the conflict ends, it will take months for oil shipments through the Strait of Hormuz to fully resume. Until oil transport is fully restored and Middle Eastern oil producers return to normal output levels, oil prices are expected to remain elevated. The agency forecasts that the global benchmark Brent crude will average $96 per barrel this year, up from a previous estimate of $78.84, and expects retail gasoline and diesel prices to continue rising. Separately, due to soaring jet fuel prices, Delta Air Lines has announced it will increase baggage fees for domestic flights and certain short-haul international routes.

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