HK Stock Market Move | Oil stocks collectively drop as the three major oil companies collectively warn of risks. Trump says he will provide military escort and insurance for oil tankers.

Oil stocks collectively fell, as of the time of writing, China Oilfield Services (02883) fell 8.91%, to HK$10.12; PetroChina (00857) fell 4.41%, to HK$9.97; CNOOC (00883) fell 4.13%, to HK$26.46; Sinopec (00386) fell 3.68%, to HK$5.24. On the news front, on March 3, the three major oil companies all saw rare consecutive limit-down. After market close, the three companies collectively issued announcements regarding abnormal stock price fluctuations, warning investors of the uncertainty in international crude oil prices and advising them to be cautious. PetroChina stated that recent international crude oil market has been affected by geopolitical situations, supply and demand dynamics, among other factors, leading to wide-ranging price fluctuations and significant uncertainty in short-term oil price movement. In addition, U.S. President Trump announced that the White House will provide naval escorts and political risk insurance for oil tankers crossing the Strait of Hormuz, with the aim of stabilizing energy prices. However, former White House official Bob McNally stated that the implementation of escorts and insurance will take some time. The U.S. military must first suppress Iran's ability to use anti-ship cruise missiles and drones to lay mines and attack ships.