Hong Kong-listed oil and gas stocks experienced widespread declines. At the time of writing, Petro-King (02178) fell 14.93% to HK$0.285, KUNLUN ENERGY (00135) dropped 8.07% to HK$7.63, SHANDONG MOLONG (00568) decreased 7.81% to HK$9.8, CNOOC (00883) declined 5.64% to HK$27.78, and SINOPEC SSC (01033) slipped 4.21% to HK$0.91.

The sell-off followed a sharp downturn in international oil prices on March 25. Brent crude futures fell nearly 6% to $94.27 per barrel, while WTI crude futures dropped over 5% to $87.61 per barrel.

Reports indicate that on Tuesday, the U.S. administration expressed ongoing negotiations with Iran and suggested Tehran's interest in reaching a peace agreement. The U.S. government has reportedly delivered a 15-point proposal to Iran via Pakistan, outlining terms to end hostilities, covering nuclear programs, missile capabilities, and regional issues.

Discussions are underway with multiple mediators to convene high-level peace talks with Iran as early as this week, pending a response from Tehran. Additional reports from Israeli sources on the 24th suggested the U.S. is considering a one-month ceasefire to facilitate negotiations on the proposed agreement aimed at ending the conflict.