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Hong Kong Oil & Gas Equipment and Services Sector Soars Amidst Middle East Tensions, Shandong Molong Jumps Over 36%
3 week ago /
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Author：小编
The geopolitical landscape in the Middle East has significantly heightened, marked by Israel's airstrikes on Iran. Consequently, the oil and gas equipment and services sector in Hong Kong's stock market has witnessed robust performance. Notably, Shandong Molong surged by over 36%, and Sinopec Oilfield Services climbed by more than 12%. Furthermore, West Texas Intermediate (WTI) crude oil futures extended their gains to 8% during the trading session. A cautionary research note from JP Morgan warned that should the Middle East conflict escalate, resulting in a blockade of the Strait of Hormuz, oil prices could skyrocket to the $120-$130 per barrel range.
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