HK Stock Market Move | Oil stocks collectively weakened, CNOOC (00883) fell over 3%, and with the Strait Agreement on the horizon, Brent crude fell below $80.

Oil stocks collectively weakened. As of the time of writing, CNOOC (00883) dropped by 3.14% to HKD 22.86; China Oilfield Services (02883) fell by 1.65% to HKD 6.865; PetroChina (00857) decreased by 1.45% to HKD 9.505. On the news front, with expectations of easing tensions between the U.S. and Iran strengthening, international oil prices have significantly retreated, with Brent crude falling below 80 dollars. Previously, U.S. Treasury Secretary Yellen stated on CNBC that the U.S. is in contact with Iran and a deal to reopen the Strait of Hormuz could be reached as soon as this week, possibly within the next two days, allowing for freedom of navigation, without tolls imposed by Iran. Additionally, OPEC+ continues to advance its supply recovery plan. Last Sunday, seven core member countries announced an increase in production quotas by approximately 188,000 barrels per day starting in September, marking the sixth consecutive month of supply increases for the alliance. The countries participating in this increase include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.