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Recent US-Iran negotiations have seen fresh developments, with reports alternating between signs of an imminent agreement and mutual accusations, leaving many bewildered. Ultimately, the deciding factor in the negotiations remains US President Donald Trump, whose unpredictable and ever-changing stance is known. On one hand, he actively promotes ceasefire talks; on the other hand, his ally Israel continues to conduct airstrikes on targets in Lebanon, further inflaming the situation. This erratic, contradictory approach has significantly increased the difficulty for both sides to return meaningfully to the negotiating table. When the other party may reverse its position at any moment, who would dare negotiate in good faith?
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Meanwhile, the outlook for the oil market is confused. Under the impact of the conflict, numerous infrastructure facilities and oil refineries have been damaged. Even if a ceasefire is achieved, reconstruction will take a considerable amount of time. The Strait of Hormuz, the critical chokepoint for global energy transportation, handles not only oil but also significant volumes of materials such as polyethylene and helium. Any disruption to the strait would inevitably trigger supply chain shocks, making it difficult for oil prices to fall in the short term.
Faced with this external storm, the Hong Kong SAR Government has responded swiftly with targeted measures, which I welcome. It will provide a HK$3 per liter diesel subsidy for two months, covering buses, minibuses, ferries, trucks and other public and commercial vehicles. The goal is to maintain smooth public transport operations, ease fare increase pressure, and protect people’s livelihoods.
In these difficult times, all sectors should show unity and tolerance. Only through solidarity can we overcome the challenges. The government should continue monitoring the situation and provide timely, precise support. Only by stabilizing ourselves first can Hong Kong stand firm amid the changes.
The Honorable Jeffrey Lam Kin-fung is a non-official member of the Executive Council and chairman of the Vocational Training Council
