Crude oil-linked exchange-traded funds climbed amid escalating geopolitical conflicts. The Global X S&P Crude Oil ETF (03097) rose 6.36% to HK$8.7, while the F Samsung原油期 ETF (03175) advanced 4.45% to HK$10.21. International crude prices extended gains early on April 23, with both WTI and Brent crude futures up more than 2% at the time of writing. Brent crude once again breached the $100 per barrel mark. A temporary ceasefire between the U.S. and Iran, originally scheduled, concluded on the morning of April 23 Beijing time. On April 22, the U.S. Department of State’s Bureau of Consular Affairs urged U.S. citizens in Iran to depart immediately, citing Iran’s announcement of partially reopening its airspace. Citigroup warned that a two-month closure of the Strait of Hormuz could result in a supply loss of approximately 1.7 billion barrels, potentially pushing oil prices to $130 per barrel.