Hong Kong stocks fell further in afternoon trade: the Hang Seng Index dropped 1.0% and the Hang Seng Tech Index declined 0.79%. Tech names led losses—Bilibili (09626.HK) fell more than 5%, while Baidu (09888.HK), Xiaomi Group (01810.HK) and Meituan (03690.HK) slid over 3%.

CITIGROUP expects Brent to average $70/bbl in Q4 2026 and $65/bbl in 2027, conditional on a US–Iran agreement and the reopening of the Strait of Hormuz.

BAGHAEI said the U.S. violated the memorandum of understanding by questioning safe-passage arrangements for ships in the Strait of Hormuz and carrying out “aggressive attacks” on Iran. He said the MOU was not founded on mutual trust but on a “commitment-for-commitment” mechanism; Article 5 assigns Iran responsibility for drafting navigation safety arrangements for the Strait and U.S. unilateral actions challenge that clause. He added Iran will firmly defend its national interests and sovereignty.