HK Movers | Oil, Shipping and Port Stocks Plunge as Trump Says Israel and Iran Agree on Ceasefire

Tiger Newspress
06-24

U.S. President Donald Trump announced on Monday a complete ceasefire between Israel and Iran, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the war-torn region.

Oil, shipping and port stocks plunged in Hong Kong. JX Energy fell 32%; Petro-King fell 25%; Shandong Molong fell 24%; TS Lines fell 13%; COSCO Ship Engy fell 10%; Dalipal Holdings fell 8%.

Israel, joined by the United States on the weekend, has carried out attacks on Iran's nuclear facilities, after alleging Tehran was getting close to obtaining a nuclear weapon.

"On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, 'THE 12 DAY WAR'," Trump wrote on his Truth Social site.

There was no immediate comment yet from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilitiers unless Israel stopped its attacks.

Abbas Araqchi said early on Tuesday that if Israel stopped its "illegal aggression" against the Iranian people no later than 4 a.m. Tehran time (0030 GMT) on Tuesday, Iran had no intention of continuing its response afterwards.

There have been no reported Israeli attacks on Iran since that time.

"The final decision on the cessation of our military operations will be made later," Araqchi added in a post on X.

A senior White House official said Trump had brokered the deal in a call with Israeli Prime Minister Benjamin Netanyahu and Israel had agreed so long as Iran did not launch further attacks.

Trump appeared to suggest that Israel and Iran would have some time to complete any missions that are underway, at which point the ceasefire would begin in a staged process.

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