Alibaba (09988.HK) fell below HK$100, its weakest level since April 2025, and is down more than 3%.

Columnist Matthew Lynn says the long 'oil crisis' era (1973–2026) is ending. He argues recent US–Israel action against Iran, widely feared to trigger a severe energy shock, pushed oil up briefly but did not hit inflation-adjusted record highs (2008 peak $147/bbl ≈ $224/bbl today). Markets no longer expect emergency energy-consumption curbs or runaway interest-rate spikes. Lynn identifies three market implications: a reduced strategic weight for the Middle East; downward pressure on inf — US headline prices could be near-flat YoY for a decade or more; and greater global economic stability as oil loses its headline-driving role, though it remains economically important.

The new U.S. general license authorizes transactions including imports of crude oil, petrochemical products and petroleum products into the United States.