HK Stock Market Move | Oil stocks continue to fall, Middle East geopolitical tensions ease, and the US relaxes oil sanctions on Iran.

Oil stocks continue to decline. As of the time of writing, China Petroleum (00857) fell by 2.51% to 8.93 Hong Kong dollars; CNOOC (00883) fell by 2.43% to 21.66 Hong Kong dollars; Sinopec (00386) fell by 1.44% to 4.1 Hong Kong dollars; China Oilfield Services (02883) fell by 1.33% to 6.68 Hong Kong dollars. On the news front, international oil prices fell significantly on Monday due to the temporary lifting of US sanctions on Iranian oil and a slight easing of geopolitical tensions in the Middle East. Brent's August settlement fell by 3.3% to $77.90 per barrel. US Treasury Secretary Janet Yellen announced via social media on the 22nd that as part of the US-Iran negotiation framework, the US Treasury Department has issued a 60-day general license authorizing Iran to produce, deliver, and sell oil. The market anticipates that oil from the Middle East will flow into the international market through the Strait of Hormuz, increasing market supply in the short term.