The conflict between the US and Iran has once again escalated. The market is worried that the energy transportation channel in the Strait of Hormuz will be blocked for a long time, and oil prices are expected to record the biggest weekly increase since July. West Texas Light crude oil is approaching $92 per barrel, with a cumulative increase of more than 9% this week. Brent crude oil closed below $96 the previous trading day. There was a period of relative calm before the situation intensified. Earlier this week, the US launched a bombing operation, and Iran immediately retaliated against the US military base in the region. Iran's armed forces continue to attack ships passing through the Strait of Hormuz and launch missiles at Jordan, Kuwait, and Bahrain. Israel said it is ready to restart the war if necessary. Iran's attack will free it from existing restrictions and further increase the possibility of a new round of military escalation. Crude oil futures have risen close to 60% this year. Affected by the Middle East conflict and the Russian-Ukrainian war, refined oil products such as diesel have risen even more rapidly. Retail prices for this industrial fuel in the US hit a new high since mid-2022 this week, while European inventories are far below normal seasonal levels.

The conflict between the US and Iran has once again escalated. The market is worried that the energy transportation channel in the Strait of Hormuz will be blocked for a long time, and oil prices are expected to record the biggest weekly increase since July. West Texas Light crude oil is approaching $92 per barrel, with a cumulative increase of more than 9% this week. Brent crude oil closed below $96 the previous trading day. There was a period of relative calm before the situation intensified. Earlier this week, the US launched a bombing operation, and Iran immediately retaliated against the US military base in the region. Iran's armed forces continue to attack ships passing through the Strait of Hormuz and launch missiles at Jordan, Kuwait, and Bahrain. Israel said it is ready to restart the war if necessary. Iran's attack will free it from existing restrictions and further increase the possibility of a new round of military escalation. Crude oil futures have risen close to 60% this year. Affected by the Middle East conflict and the Russian-Ukrainian war, refined oil products such as diesel have risen even more rapidly. Retail prices for this industrial fuel in the US hit a new high since mid-2022 this week, while European inventories are far below normal seasonal levels.