HK oil stocks shined after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East. Crude oil jumped 9%, the biggest move in more than three years. Shandong Molong surged 107%; Sinopec SSC up 28%; Dalipal Hldg up 17%; Honghua Group up 6%.

The airstrikes against Iran’s nuclear program and ballistic-missile sites renewed a standoff between the two adversaries that risks spiraling into a wider conflict. While the market reaction was strongest in crude oil, moves in other pockets of the market suggested that investors are watching how long the tensions will last and whether the situation escalates.

“We are seeing classical risk-off moves,” said Matthew Haupt, portfolio manager at Wilson Asset Management. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”