Escalating US-Iran Tensions Fuel Gains in Hong Kong Oil & Gas Stocks

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Escalating US-Iran Tensions Fuel Gains in Hong Kong Oil & Gas Stocks

Deep News07-14

Hong Kong-listed oil and gas equipment stocks are experiencing significant gains.

PETRO-KING shares have surged more than 20%, while Shandong Molong has risen over 15%. Major oil stocks are also advancing, with PetroChina up more than 3% and CNOOC climbing nearly 3%.

This upward movement coincides with rising international oil prices. The geopolitical backdrop involves comments from US President Trump, who stated from the Oval Office that the US is "destroying" all of Iran's capabilities related to the Strait of Hormuz and that America will "ultimately control" the strategic waterway. He also suggested that a deal with Iran is possible. Reports indicate another large-scale strike against Iran was planned for Monday evening, Eastern Time.

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