Hong Kong Stocks Movement: Oil Prices Retreat Sharply as US and Iran Signal Ceasefire

Stock News04-01

Oil and gas stocks extended their losses in the afternoon session. At the time of writing, Shandong Molong Petroleum Machinery Company Limited (00568) fell 10.46% to HK$7.78, while BQ Energy Services (02178) dropped 8.33% to HK$0.275. The decline followed news that the US and Iran have signaled a potential ceasefire, leading to a significant pullback in international oil prices. By the latest update, WTI crude futures had fallen below $99 per barrel, down over 2% for the day. Brent crude futures declined more than 3% to $100.47 per barrel. The former US President expressed willingness to end the Iran conflict even if the Strait remains closed, clarifying that the war would conclude within two to three weeks, without changing the previously set deadline of April 6. Iran simultaneously indicated its readiness to end hostilities provided it receives certain guarantees. This marks the first time both sides have explicitly exchanged ceasefire signals and demands since the conflict began a month ago.

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