HK Stock Market Move | Oil stocks collectively rise, geopolitical uncertainties still exist, and the supply-demand pattern of crude oil still has a solid foundation for prosperity.

Oil stocks collectively rose, with PetroChina (00857) up 2.68% to HK$5.74, CNOOC (00883) up 2.07% to HK$16.8, China Oilfield Services (02883) up 1.04% to HK$5.85, and Sinopec (00386) up 0.78% to HK$3.87. On the news front, new US sanctions on Iranian oil exports caused oil prices to rebound. Additionally, OPEC+ stated that they will compensate for the excess production of 457.2 million barrels, leading to expectations of tightening supply and supporting oil price increases. Overnight WTI futures rose 1.9% to around $62.50 per barrel, marking the third increase in the past four trading days. June Brent crude rose 1.8% to $65.85 per barrel. Recent research reports from EB SECURITIES pointed out that with ongoing geopolitical uncertainties, the long-term supply and demand dynamics of oil still have a solid foundation for prosperity. From a long-term perspective, the firm continues to be bullish on the "Big Three Oil Companies" and the oil services sector.