原油：多单持有，继续关注上行风险

Report Industry Investment Rating - The report suggests holding long positions in crude oil and continuing to monitor upward risks [1] Core Viewpoints - NYMEX WTI April crude oil futures rose $4.21, or 6.28%, to $71.23 per barrel; ICE Brent crude futures contract 04 rose $4.87, or 6.68%, to $77.74 per barrel; SC2604 crude oil futures rose 55.0 yuan per barrel, or 10.94%, to 566.90 yuan per barrel [1] - The trend strength of crude oil is 1, indicating a relatively neutral outlook [11] Summaries by Directory 1. Mexican Gulf Market Crude Oil Arbitrage - The spreads of most alternative crude oils decreased compared to January, mainly due to price disadvantages, deteriorating refining values, and high freight costs. However, the spreads of Vasconia, Castilla, Napo, and Maya increased, driven by significant price discounts [2][4] 2. Atlantic Crude Oil Arbitrage - The spreads of Forties, Saharan Blend, and Urals increased, mainly due to price advantages. The spread of Arab Extra Light decreased due to deteriorating refining values [5] 3. Northwest European Crude Oil Arbitrage - The spreads of WTI MEH and Eagle Ford decreased, mainly due to weakened price advantages and decreased freight costs. The spreads of Azeri Light and Saharan Blend increased, supported by strong refining values and price advantages. The spread of Bonny Light decreased due to price disadvantages and high freight costs [7] 4. Mediterranean Crude Oil Arbitrage - The spreads of all alternative crude oils decreased, mainly due to the increasing price advantage of the benchmark oil Urals [8] 5. Chinese Crude Oil Arbitrage - The spreads of Duri increased, while the spreads of Basrah Heavy, Maya, and Mars decreased. The spread of Napo decreased but remained at a high level, driven by a large price discount [9] 6. Key Market News - The US is preparing for a "large-scale attack" on Iran, and Iran's Islamic Revolutionary Guard Corps has launched an attack on a US military base. The US will introduce measures to deal with the oil price surge caused by the conflict with Iran. There are navigation interferences in the Strait of Hormuz, and Iran may restrict oil exports [12]