Oil and gas stocks in Hong Kong experienced a pullback during the morning trading session. At the time of writing, Shandong Molong (HKEX: 00568) had plunged 15.43% to HK$5.70, while Petro-King (HKEX: 02178) was down 10.9% at HK$0.188. Sinopec SSC (HKEX: 01033) also declined, falling 4.35% to HK$0.66.

The moves follow news that Iran and Israel have declared a pause in their attacks on each other. According to reports, both nations announced the cessation of hostilities on the 8th, less than 24 hours after a recent exchange of fire. The Central Headquarters of the Iranian Armed Forces stated that its military operations in this round had concluded. Israeli Prime Minister Benjamin Netanyahu issued a statement confirming a temporary halt to strikes on Iran following Iran's cessation of fire, but he warned of a forceful response if attacks resume.

In a related development, a former US President commented that negotiations between the US and Iran are ongoing, with Iran reportedly willing to accept key US conditions, including a commitment not to possess nuclear weapons. He further suggested that a "complete victory" in the situation was imminent and would occur within the next two weeks, leading to a significant drop in oil prices. However, it was noted that this is not the first time such a near-term timeline for major progress has been proposed.