HK Stock Market Move | Changes in the Middle East situation have once again caused oil and gas stocks to rise. Shandong Molong Petroleum Machinery (00568) surged nearly 24%, while PETRO-KING (02178) jumped over 16%.

Individual oil and gas stocks rose significantly in the afternoon, as of the release of this article, Shandong Molong Petroleum Machinery (00568) rose by 23.93% to HK$9.84; PETRO-KING (02178) rose by 16.67% to HK$0.315; SINOPEC SSC (01033) rose by 5.62% to HK$0.94. On the news front, on April 2nd, international crude oil continued to rise, with WTI crude oil up over 5% to $105.65 per barrel; Brent crude oil surged by 7% at one point to $108 per barrel. In the evening of April 1st local time, during a national address, US President Trump stated that the US will launch a fierce attack on Iran within two to three weeks, sending the country back to the "stone age". Trump said that if an agreement cannot be reached, the US will launch a fierce attack on all of Iran's power plants. According to CCTV International News, a spokesman for Iran's Hattam-Ambya central command issued a statement saying that the US and Israel have no knowledge of Iran's powerful capabilities, and that the enemy will face more destructive, widespread, and devastating actions.