Several oil and gas stocks opened higher in the Hong Kong market. At the time of writing, shares of Shandong Molong (00568) surged 14.99% to HK$6.29. SINOPEC SSC (01033) rose 5% to HK$0.63. PetroChina (00857) increased by 3.57% to HK$9.58, while CNOOC (00883) gained 2.43% to trade at HK$22.8.

The market movement follows a significant escalation in tensions between the United States and Iran. In the previous trading session, both West Texas Intermediate and Brent crude oil futures closed with gains of nearly 10%. Brent crude has now surpassed $84 per barrel.

According to a U.S. announcement on the 13th, the American president has formally notified Congress of a resumption of hostilities with Iran. Furthermore, he stated that a maritime blockade against Iran would be reinstated, with a proposal to impose a 20% fee on cargo transiting the Strait of Hormuz.

The U.S. Central Command reported that American forces commenced a third consecutive night of airstrikes against Iran, starting at 4:45 PM Eastern Time on July 13th.