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Hong Kong stocks gyrate amid escalating Iran conflict after US strike, Hormuz threat

Oil futures surge after US President Donald Trump says attacks ‘obliterated’ targets and Iran threatens to close key oil shipping route

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Oil tankers pass through the Strait of Hormuz in a 2018 file photo. Photo: Reuters
Zhang Shidongin Shanghai
Hong Kong stocks oscillated on Monday as volatility increased following the US attack on Iran’s nuclear facilities, fuelling haven trade and stoking concerns about the disruption of global oil supply.

The Hang Seng Index climbed 0.7 per cent to 23,689.13 at the close, reversing a loss of more than 1 per cent. The Hang Seng Tech Index advanced 1.1 per cent. On the mainland, the CSI 300 Index gained 0.3 per cent, while the Shanghai Composite Index added 0.7 per cent.

CNOOC rallied 1.1 per cent to HK$18.10 and China Petroleum and Chemical, also known as Sinopec, advanced 0.3 per cent to HK$4.05. Gold producer Zijin Mining Group added 0.4 per cent to HK$19.26, while shipping line Orient Overseas International gained 3.3 per cent to HK$137.80. Semiconductor Manufacturing International jumped 4.6 per cent to HK$41.30 on expectations that China will increase support for the chip industry after a media report that the US is mulling fresh tech restrictions.

Brent oil futures surged by as much as 5.7 per cent to US$81.40 a barrel after US President Donald Trump said in a televised address that air strikes had obliterated Iran’s nuclear infrastructure at three sites and threatened more military action if Tehran did not make peace. Iran warned of “everlasting consequences” of the attack and said it was weighing the closure of the Hormuz Strait, a chokepoint for a third of the world’s oil shipments.
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