Major Chinese oil companies faced collective pressure in early trading, driven by optimism that has pushed crude prices lower for four consecutive sessions.

CNOOC Ltd (00883) fell 2.34% to HK$23.38, PetroChina Co Ltd (00857) dropped 2.1% to HK$9.31, and China Petroleum & Chemical Corp (00386) declined 1.78% to HK$4.405 during morning trade.

On the news front, crude futures extended their losing streak to a fourth day, fueled by hopes that Saudi Arabia's damaged east-west oil pipeline could resume operations quickly, alongside reported progress in efforts to restart U.S.-Iran negotiations. Reports indicate that U.S. President Donald Trump plans to deliver remarks at the United Nations General Assembly in New York later Tuesday and may hold a meeting with Iranian President Masoud Pezeshkian.

Additionally, multiple trade sources noted that Saudi Arabia has sold roughly 60 million barrels of crude from the Gulf port of Ras Tanura, located within the Strait of Hormuz, with shipments scheduled for loading via ship-to-ship transfers at Oman's Sohar port this month and next.