HK Movers | Oil, Shipping and Port Stocks Jump as Investors Weigh Iran Scenarios
Oil, shipping and port stocks jumped in Hong Kong as investors anxiously waited to see if Iran would retaliate against U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation.
Iran's parliament has endorsed closing the Strait of Hormuz, a vital oil transit point off its coast, but analysts are skeptical about the threat from a body without authority to close the strait.
Key will be access through the Strait of Hormuz, which is only about 33 km (21 miles) wide at its narrowest point and sees around a quarter of global oil trade and 20% of liquefied natural gas supplies. oil prices briefly hit five-month highs.
Oil stocks jumped with JX Energy up 14%, Dalipal Holdings up 12%, Petro-king up 11%; Shandong Molong up 8%.
shipping and port stocks jumped with TS Lines up 10%, Xiangxing Int up 7%, COSCO Ship Engy up 3%.
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