Oil Stocks Surge on Geopolitical Tensions and Inventory Drawdown

A surge in geopolitical tensions and a sharp drawdown in US crude oil inventories pushed Hong Kong-listed oil stocks up, with Yanchang Petroleum International rising nearly 4%.

The sudden escalation of US-Iran tensions has sent oil prices higher, with WTI crude futures gaining 0.25% to close at $84.67 per barrel as of press time.

The drawdown in US crude oil inventories was more than expected, falling by over 7 million barrels, according to the latest data from the US Energy Information Administration.