Hong Kong Stock Market Movement | Oil Stocks Decline Across the Board in Early Trading, Trump Says the U.S. Must Reach an Agreement with Iran, International Oil Prices Plummet on Thursday

LootboxPhobia · 2026-02-14T01:52:25+00:00

Oil stocks declined early in the trading session, with companies like Sinopec and PetroChina seeing their stock prices fall. WTI and Brent crude oil futures prices also declined. U.S. President Trump emphasized that the U.S. and Iran need to reach an agreement quickly and revealed that U.S. crude oil inventories have surged, putting pressure on oil prices. Market trading logic is shifting towards supply and demand fundamentals.

LootboxPhobia

2026-02-14 01:52:25

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CITIC Finance APP learned that oil stocks declined across the board in early trading. As of the time of writing, Sinopec (00386) fell 4.06% to HKD 5.43; PetroChina (00857) dropped 3.28% to HKD 9.15; CNOOC Services (02883) declined 3.06% to HKD 9.49; CNOOC (00883) decreased 2.79% to HKD 24.42.

On the news front, on Thursday, WTI crude oil futures closed down 2.77% at $62.84 per barrel. Brent crude oil futures fell 2.71% to $67.52 per barrel. U.S. President Donald Trump stated on February 12 local time that the U.S. “must” reach an agreement with Iran, otherwise the situation will be “very serious.” Trump expressed hope that the U.S. and Iran could reach an agreement in about a month. Additionally, the latest EIA data showed that as of the week ending February 6, U.S. crude oil inventories surged by 8.53 million barrels, the largest weekly increase since January last year.

Senior researcher Zhao Ruichen from Galaxy Futures said that the market’s trading logic shifting from “geopolitical priority” back to “supply and demand priority” depends on substantive progress in U.S.-Iran negotiations. If a short-term framework is reached, oil prices may significantly unwind geopolitical premiums and revert to trading on supply surplus fundamentals. However, continued large inventory increases, OPEC+ exceeding expectations in production cuts, and weakening demand will suppress the upside potential of crude oil prices.

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