HK Stock Market Move | Middle East tension escalates, oil prices surge again. Shandong Molong Petroleum Machinery (00568) rose more than 5%

Some oil and gas stocks rose against the market, as of the time of writing, Shandong Molong Petroleum Machinery (00568) rose by 5.51%, to 8.81 Hong Kong dollars; CNOOC (00883) rose by 0.84%, to 28.86 Hong Kong dollars; PetroChina (00857) rose by 0.51%, to 11.76 Hong Kong dollars. On the news front, tensions in the Middle East suddenly escalated, causing international oil prices to rise. Last night, July Brent crude oil rose by 5.8%, settling at 114.44 US dollars per barrel. Since the temporary ceasefire between the US and Iran, the UAE was attacked for the first time, and the US launched the "Free Plan" to assist ships through the Strait of Hormuz. Iran claimed that two missiles hit a US ship, but this was later refuted by the US Central Command. In addition, President Trump's latest statements have added to market tension. Trump refused to clearly state whether the ceasefire agreement between the US and Iran is still valid. He also threatened during the interview that if Iran fires at US ships in the Persian Gulf or the Strait of Hormuz, they will be "wiped off the face of the Earth."