Shares of Shandong Molong Petroleum Machinery Company Limited (HKEX: 00568) surged more than 16% at the opening of trading. As of the time of writing, the stock is up 13.81%, currently trading at HK$6.10, with a turnover of HK$347 million.

This movement in the stock price coincides with a significant increase in international oil prices early on June 8. Brent crude oil saw gains reach as high as 4%, briefly touching the $97 per barrel level.