HK Stock Market Move | Oil and gas stocks rise against the market trend, market concerns grow over further escalation of US-Iran tensions, institutions significantly raise international oil price targets.

Oil and gas stocks rose against the market trend. As of the time of writing, Shandong Molong Petroleum Machinery (00568) rose 3.22% to HK$6.74; CNOOC (00883) rose 2.35% to HK$27.04; PetroChina (00857) rose 1.47% to HK$11.05. On the news front, the market is concerned about the escalating tensions between the US and Iran, with Brent crude futures rising by 2%. It was reported that Trump is expected to hold a meeting with his national security team in the White House Situation Room on the 19th to discuss options for military action against Iran. According to Israeli media reports on the 17th, Israeli Prime Minister Netanyahu and US President Trump discussed the possibility of restarting military action against Iran during a phone call. Dow Jones Securities stated that with rapid declines in Chinese and US crude oil inventories, coupled with tight supply of refined oil products, Brent crude oil prices could soar to $150 per barrel, breaking the recent market calm. Earlier, Saudi Arabia reported to OPEC that its crude oil production last month had dropped to the lowest level since 1990 due to the war with Iran disrupting exports from the Persian Gulf.