Oil Services Stocks Extend Gains at Market Open with Multiple Shares Up Nearly 15% Following Iran's Expanded Retaliatory Strikes on Regional Energy Facilities

Stock News

03/03

Oil services stocks continued to trade higher at the opening bell. At the time of writing, DALIPAL HLDG (01921) rose 15% to HK$7.59; SHANDONG MOLONG (00568) increased 14.97% to HK$10.75; PETRO-KING (02178) advanced 14.38% to HK$0.167; and SINOPEC SSC (01033) gained 8.96% to HK$1.46. The moves follow reports that an advisor to the commander of Iran's Islamic Revolutionary Guard Corps stated the Strait of Hormuz has been closed, and Iranian forces will target all vessels attempting to pass through the strait. Furthermore, Iran has expanded the scope of its retaliatory strikes to include regional energy facilities. It is reported that Saudi Aramco has suspended operations at its Ras Tanura refinery area following a drone attack, and Qatar has shut down liquefied natural gas production after two drones attacked critical facilities.

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