Oil stocks showed active performance. At the time of writing, PETROCHINA (00857) rose 3.57% to HKD 11.02; KUNLUN ENERGY (00135) increased 2.25% to HKD 7.72; CNOOC (00883) gained 0.9% to HKD 26.84. On the news front, US-Iran ceasefire talks have reached a stalemate. As of writing, Brent crude futures were hovering near the high of USD 105. US President Trump stated on Monday that the ceasefire with Iran was "hanging by a thread," after he rejected Tehran's response to the US peace proposal, heightening concerns that conflict could reignite. In its latest report, JPMorgan noted that even if the Strait of Hormuz reopens in June 2026, accelerated inventory drawdowns and logistical bottlenecks will keep the crude oil market tight. It expects Brent crude prices to remain in the lower USD 100 range for most of the year.