宝城期货原油早报：地缘风险加剧，原油震荡偏强-20250612

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The crude oil futures are expected to run strongly. The short - term and medium - term trends are both oscillatory, while the intraday trend is oscillatory and bullish. It is anticipated that the domestic crude oil futures on Thursday will maintain an oscillatory and bullish trend [1][5]. 3. Summary by Related Catalog 3.1 Variety Morning Meeting Minutes - For the crude oil 2507 contract, the short - term, medium - term trends are oscillatory, and the intraday trend is oscillatory and bullish. The reference view is a bullish run, with the core logic being the intensification of geopolitical risks [1]. 3.2 Price Quotes and Driving Logic of Main Varieties - Energy and Chemicals Sector of Commodity Futures - The intraday view of crude oil (SC) is oscillatory and bullish, and the medium - term view is oscillatory. The reference view is a bullish run. The core logic includes positive signals from the China - US leaders' phone call, the potential cooling of the China - US tariff war, the escalation of the Russia - Ukraine conflict, concerns about the breakdown of the US - Iran nuclear negotiation and the potential blockade of the Strait of Hormuz by Iran, as well as the OPEC+ countries' lower - than - expected production increase in April - May. International crude oil futures prices rose by over 5% on Wednesday night, and the domestic crude oil futures 2507 contract closed up 3.37% to 497.4 yuan per barrel [5].