HK Stock Market Move | "Three Barrels of Oil" rise collectively; Iran takes a hard line as Brent crude returns to $103; Bank of America says oil prices could rise above $150.

The "Three Barrels of Oil" rose collectively. As of press time, PetroChina (00857) gained 3.16% to HK$9.645; CNOOC (00883) rose 1.97% to HK$23.8; Sinopec (00386) edged up 0.9% to HK$4.485. On the news front, tensions in the Middle East continued to simmer, with Brent crude settlement prices returning above $103, ending a five-day losing streak. Iranian President Masoud Pezeshkian, speaking at the United Nations General Assembly, said that as long as Iran remains subject to sanctions, the country will not allow ships to pass freely through the Strait of Hormuz. Bank of America strategists said they expect Brent crude to average around $80 per barrel in 2027, but noted challenges posed by declining strategic reserves and market signals pointing to a near-term severe shortage. The bank also said that if the Iran conflict drags on and continues to deplete inventories, oil prices could climb above $150 per barrel in the future.