HK Stock Market Move | The US-Iran situation temporarily eases, oil prices fall. Shandong Molong Petroleum Machinery (00568) drops more than 6%, CNOOC (00883) drops more than 3%.

Oil and gas stocks all fell, as of the time of publication, Shandong Molong Petroleum Machinery (00568) fell 6.09%, to HKD 8.17; CNOOC (00883) fell 3.01%, to HKD 27.7; China Oilfield Services (02883) fell 2.22%, to HKD 9.25. On the news front, tensions between the US and Iran have temporarily eased, leading to a decrease in international oil prices. As of the time of publication, Brent crude oil futures fell 1.33%, dropping below $110; US WTI crude oil futures fell 1.52%, briefly falling below $100. Previously, Trump stated that the US and Iran have reached a consensus: while the US's maritime blockade of Iran continues to be fully implemented, the "Freedom Plan" (US military assistance for ships passing through the Strait of Hormuz) will be suspended for a short period of time. Additionally, US Secretary of State Pompeo stated that the "epic fury" military operations against Iran have ended.