Hong Kong stocks closed modestly higher Monday as investors looked past escalating tensions in the Middle East despite a renewed surge in oil prices and inflation concerns.

The Hang Seng Index rose 0.2%, or 38.60 points, to close at 24,213.72, while the Hang Seng China Enterprises Index gained 0.3%, or 26.78 points, to finish at 8,065.97.

Oil prices jumped more than 4% after renewed U.S. and Iranian military strikes heightened concerns over potential disruptions to global energy supplies.

The U.S. military said it struck multiple targets in Iran on Sunday, while Iran's Revolutionary Guards said they attacked U.S. military bases in Kuwait and Bahrain.

President Donald Trump said the Strait of Hormuz remained open to commercial shipping, although Tehran maintained it had closed the vital waterway.

In corporate news, Seres (SHA:601127, HKG:9927) closed nearly 14% lower after forecasting a first-half swing to a loss.

Meanwhile, Man Shun (HKG:1746) advanced 20% after its controlling shareholders signed a letter of intent to sell their 75% stake to a potential buyer.