KUALA LUMPUR: Shares of Hibiscus Petroleum Bhd slipped in morning trade as crude oil prices fell below US$100 per barrel, following a two-week ceasefire in the US-Iran war and the reopening of the Strait of Hormuz.

The pure-play upstream counter, which had ridden the recent crude rally, opened 23 sen or 10.5 per cent lower at RM1.96 before dropping as much as 14.6 per cent to a morning low of RM1.87.

At the time of writing, the stock had trimmed some losses to RM1.98, still down 21 sen or 9.6 per cent, with 26.07 million shares traded.

Despite the pullback, Hibiscus remains up 23.8 per cent since Feb 27, a day before the US-Iran conflict began, after climbing as much as 49.4 per cent to RM2.39 on March 9.

Hibiscus is one of the most direct domestic proxies to crude oil prices, given its pure-play upstream exposure.

Its earnings are highly sensitive to Brent movements, with every US$10 increase in crude prices estimated to lift its financial year 2026 to 2027 profits by about RM58 million to RM72 million.

At the time of writing, benchmark Brent crude fell 13.1 per cent to US$96.17 per barrel, while West Texas Intermediate slid 14.6 per cent to US$96.44, as concerns over prolonged supply disruption eased.

Analysts said Hibiscus boasts low operating costs of about US$21 to US$23 per barrel of oil equivalent, allowing it to remain profitable even in weaker crude price environments.