Global Oil Prices Remain High Amid Geopolitical Tensions and Economic Concerns

Israel has pledged not to target Iranian oil facilities, and six nations have issued a statement to ensure the security of oil shipping routes. According to Ming Pao, despite these developments, international oil prices have not significantly decreased, with Brent crude oil remaining above $100 per barrel. Additionally, global central banks are adopting a hawkish stance, with concerns over potential interest rate hikes looming. This economic uncertainty has impacted major technology stocks, leading to a significant drop in Hong Kong's stock market. Xiaomi Group experienced a sharp decline of 8.59%, closing at its lowest point in five months. Meanwhile, Alibaba's performance fell short of expectations, prompting major financial institutions to lower its target price, resulting in a 6.29% drop in its stock value and a market capitalization loss exceeding 150 billion yuan.