Stock Movements | Oil and oilfield services stocks plummet as oil prices drop over 10%

SighingCashier · 2026-04-08T04:40:42+00:00

President Trump agrees to a two-week ceasefire with Iran. Iran has accepted Pakistan's proposed ceasefire, and US-Iran negotiations will begin in Islamabad on Friday to finalize details. Oil prices plummeted over 10%, with oil and oil services stocks falling sharply.CNOOC(00883) opened 5.3% lower at 25.6 HKD; later narrowed its decline. As of 9:53 a.m., it was at 26.38 HKD, down 2.4%. PetroChina(00857) was at 10.6 HKD, down 1.6%.Oil service stocks faced heavy selling pressure. Shandong Molong(00568) plunged over 10% to 8.04 HKD, down 13%; BQ Oilfield Services(02178) fell 11.9% to 0.26 HKD; Sinopec Oilfield Services(01033) declined 5.4% to 0.87 HKD; CNOOC Petroleum Services(02883) dropped 1.7% to 9.11 HKD.

SighingCashier

2026-04-08 04:40:42

After U.S. President Trump agreed to suspend attacks on Iran for two weeks, Iran said it accepted the ceasefire proposal put forward by Pakistan. U.S.-Iran talks began in Islamabad on Friday to iron out the details, and oil prices plunged by more than 10 percent; oil stocks and oil services stocks also dropped sharply.

CNOOC (00883) opened down 5.3%, at 25.6 yuan; then its decline narrowed. As of 9:53 a.m., it was at 26.38 yuan, down 2.4%. PetroChina (00857) was at 10.6 yuan, down 1.6%.

Oil services stocks saw heavy selling pressure. Shandong Molong (00568) plunged by more than 10%, to 8.04 yuan, down 13%; CNOOC Oilfield Services (02178) fell 11.9% to 0.26 yuan; Sinopec Oilfield Services (01033) dropped 5.4% to 0.87 yuan; CNOOC Oilfield Services (02883) was down 1.7%, at 9.11 yuan.

New York crude oil futures were trading at $97.17 per barrel, down $15.78 or 13.97%; London Brent crude was at $95.11 per barrel, down $14.16 or 12.96%.

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