中东局势未实质性缓和，矛盾依然突出

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Middle - East situation has not substantially eased, and contradictions remain prominent. The impact of the Middle - East war is still intense, the Strait of Hormuz has not resumed navigation, and the impact of the Middle - East oil supply disruption will gradually intensify and become more obvious [1][2] - For the fuel oil market, high - sulfur fuel oil has a large supply share from the Middle - East and a large exposure to geopolitical conflict risks. Although the increase in exports from Russia and Venezuela and the accumulated inventory can hedge the gap to some extent, if the strait closure lasts too long, the fundamentals are expected to tighten further [2] - For low - sulfur fuel oil, although the direct export from the Middle - East accounts for a small proportion, the production of refineries in the Asia - Pacific region has declined passively due to insufficient raw materials. The high premium in the diesel market supports the low - sulfur fuel oil market [2] - Overall, the market structure of high - and low - sulfur fuel oil will trend weakly only when there is a definite signal of easing in the US - Iran negotiations. Market sentiment premiums will be repeatedly disturbed by news, and caution is needed [2] 3. Summary According to Related Catalogs Market Analysis - The night session of the main contract of the Shanghai Futures Exchange fuel oil futures closed up 2.28%, at 4,445 yuan/ton; the night session of the main contract of the INE low - sulfur fuel oil futures closed up 0.78%, at 5,056 yuan/ton [1] Strategy - High - sulfur fuel oil: Short - term sharp fluctuations, mainly on the sidelines [3] - Low - sulfur fuel oil: Short - term sharp fluctuations, mainly on the sidelines [3] - Cross - variety: No strategy [3] - Cross - period: No strategy [3] - Spot - futures: No strategy [3] - Options: No strategy [3]