Oil and gas sector stocks mostly opened higher. At the time of writing, Dalipal Holdings (01921) rose 14.97% to HK$6.99; Shandong Molong (00568) increased 14.94% to HK$9.54; Petro-King (02178) gained 14.89% to HK$0.216; DZUG (01635) advanced 14.77% to HK$4.43; Sinopec SSC (01033) climbed 14.66% to HK$1.33. The surge is attributed to disruptions in shipping through the Strait of Hormuz and production cuts by major Middle Eastern oil producers. On March 9, both WTI crude and Brent crude prices soared at the open, briefly surpassing $110 per barrel. Additionally, US natural gas futures hit a one-month high. This follows announcements from Abu Dhabi National Oil Company and Kuwait Petroleum Corporation regarding output reductions. In related news, Mojtaba Khamenei, the son of the late Iranian leader, was elected as Iran's new Supreme Leader on the 9th. US President Trump previously issued a stern warning, stating that any new Iranian leader not approved by him "would not last long." Reports indicate that the Strait of Hormuz has been in a "near standstill" for the seventh consecutive day, with only one Iran-related bulk carrier leaving the Persian Gulf in the past 24 hours. JPMorgan stated that the "wave of production shutdowns" among Middle Eastern oil producers is spreading rapidly, with potential shutdowns nearing 6 million barrels per day. A full shutdown could drive oil prices up by $30 per barrel. Goldman Sachs warned that oil flow through the Strait of Hormuz has plummeted by 90%, and if the crisis persists, oil prices could exceed the 2008 historical peak.