SHANDONG MOLONG's stock soared 20.86% during intraday trading on Tuesday, leading gains among oil services shares.
The surge is driven by heightened geopolitical tensions in the Middle East, with reports indicating Iran has closed the Strait of Hormuz and expanded retaliatory strikes on regional energy facilities. Specific incidents include drone attacks on Saudi Aramco's Ras Tanura refinery, leading to suspended operations, and Qatar shutting down liquefied natural gas production after similar attacks.
These disruptions in energy supply are expected to increase demand for oil services, benefiting companies like SHANDONG MOLONG as market conditions tighten.