Hong Kong-listed oil & gas equipment and services shares rallied in the afternoon: Shandong Molong (00568.HK) jumped over 30%, Baiqin Oilfield Services (02178.HK) rose over 9%, while Sinopec Oilfield Service (01033.HK) and MI Energy (01555.HK) also gained.

Qatar University assistant professor Abdullah Bandar Ettebi said the US, Iran and Israel are treating much of the Middle East as bargaining chips: the US and Israel are using Lebanon to pressure Iran, while Iran is signaling Gulf states it will not back down and could resume further attacks. He called the situation very dangerous and said a US‑Iran agreement will be very difficult because both sides see themselves as winners and are therefore unwilling to concede.

Fitch: As the Iran conflict enters its 100th day, the oil shock is spreading and credit risk in the Asia-Pacific region is intensifying.