On July 13, Shandong Molong (00568.HK) rose 8.54% in regular trading, trading at HK$5.24/share, with turnover of HK$125 million. The surge was driven by a sharp escalation in US-Iran tensions over the weekend that sent international crude oil prices soaring.

On the news front, following US airstrikes on approximately 140 Iranian military targets last Saturday, the US Central Command announced on the evening of July 12 that it had launched a new round of military operations against Iran, aimed at further degrading Iran's ability to attack vessels transiting the Strait of Hormuz. In response, Iran's Islamic Revolutionary Guard Corps Navy declared the Strait of Hormuz closed indefinitely, prohibiting all vessel traffic until further notice.

The escalation triggered a sharp rally in crude oil prices during the Asia-Pacific morning session, with both WTI and Brent crude futures surging over 4%, with Brent breaking above the $79/barrel level. The dispute centers on control of the Strait of Hormuz, the world's most critical energy chokepoint, with Iran insisting on sovereignty over the waterway while Washington refuses to accept such control.

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