Shandong Molong Petroleum Machinery Company Limited (00568) opened more than 8% higher today, with shares last trading up 8.42% at HK$5.28, on turnover of HK$15.5 million.

The sharp rally comes after international oil prices soared overnight, with WTI crude futures settling 6.69% higher at $102.48 per barrel, while Brent crude jumped 6.34% to $107.63 per barrel. Both benchmarks crossed the $100 threshold, marking their biggest single-day gains in nearly two months.

On the geopolitical front, Houthi rebels reportedly captured the Yemeni port city of Mukha on Thursday, raising fresh concerns over Red Sea shipping lanes. Meanwhile, vessel movements through the Strait of Hormuz remain constrained as attacks on tankers in the Gulf region have intensified in recent days.

Adding to supply-side pressures, Saudi Arabia informed OPEC that its crude output in August fell sharply again, dropping to the lowest level since 1990.