1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoint of the Report The report indicates that the crude oil market will continue its oscillating pattern in the short - term, with increasing upward pressure. Supply - side factors such as the环比 growth of OPEC+ output and the seasonal restart of US refineries ease the risk of geopolitical supply disruptions. However, demand - side issues like gasoline inventory build - up and reduced imports from India limit the upside potential of prices. The accumulation of inventory strengthens the expectation of a marginal weakening in supply - demand balance. If the inventory draw during the US summer driving season falls short of expectations, it may trigger a further price correction [6]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Crude Oil Futures Market Data Changes**: On July 15, 2025, the price of the SC main contract closed at 518.2 yuan/barrel, down 9.3 yuan/barrel (-1.76%) from the previous trading day. WTI and Brent prices remained stable at 66.83 dollars/barrel and 69.13 dollars/barrel respectively. The SC - Brent and SC - WTI spreads weakened by 1.34 dollars, and the SC continuous - contango 3 spread dropped from 26.0 yuan/barrel to 24.3 yuan/barrel [2]. - **Supply - side Analysis**: According to the OPEC monthly report on July 15, OPEC's crude oil production in June increased by 220,000 barrels per day to 2,723.5 million barrels per day, with Saudi Arabia and the UAE increasing production and Iran and Libya reducing output. Iraq plans to increase the output of the Himreen oilfield to 60,000 barrels per day. US API data on July 16 showed an increase in crude oil imports and refinery throughput [3]. - **Demand - side Analysis**: OPEC maintains the 2025 demand growth forecast at 1.29 million barrels per day. The US gasoline inventory unexpectedly increased by 1.931 million barrels in the week ending July 11, and India's crude oil imports in June decreased, indicating weaker - than - expected terminal consumption [4]. - **Inventory - side Analysis**: US commercial crude oil inventory increased by 839,000 barrels, and the OECD inventory in May increased by 34.5 million barrels to 2.77 billion barrels, showing overall inventory pressure. The heating oil inventory decreased by 763,000 barrels, suggesting a structural differentiation in energy consumption [5]. - **Price Trend Judgment**: In the short - term, the market will remain range - bound with increasing upward pressure. Supply - side growth and refinery restarts ease supply risks, but demand - side issues and inventory build - up limit price increases. If the US summer driving season fails to reduce inventory as expected, prices may correct further [6]. 3.2 Industrial Chain Price Monitoring - **Crude Oil**: On July 15, 2025, SC, WTI, and Brent futures prices decreased, while the OPEC basket price remained unchanged. The spreads of SC - Brent, SC - WTI, and SC continuous - contango 3 all decreased. The US dollar index increased, and the S&P 500 and DAX indices decreased. US commercial crude oil, Cushing, and strategic reserve inventories all increased, and the US refinery weekly operating rate decreased slightly [8]. - **Fuel Oil**: On July 15, 2025, most fuel oil futures and spot prices showed changes, with some increasing and some decreasing. The Singapore and US distillate inventories also had corresponding changes, and the spreads between high - and low - sulfur fuel oils in Singapore and China also showed different trends [9]. 3.3 Industrial Dynamics and Interpretation - **Supply**: On July 16, US API data showed an increase in crude oil imports and refinery throughput. According to the OPEC monthly report on July 15, the production of many OPEC member countries changed in June, with the overall OPEC production increasing by 220,000 barrels per day. Iraq plans to increase the output of the Himreen oilfield to 60,000 barrels per day [10][11]. - **Demand**: The OPEC monthly report expects global crude oil demand to be 106.36 million barrels per day in 2025 and 107.52 million barrels per day in 2026, and maintains the 2025 and 2026 demand growth forecasts at 1.29 million barrels per day and 1.28 million barrels per day respectively [12]. - **Inventory**: In the week ending July 11, US API heating oil inventory decreased, gasoline inventory increased unexpectedly, and crude oil inventory increased. The OECD inventory in May increased by 34.5 million barrels to 2.77 billion barrels. The warehouse receipts of medium - sulfur crude oil, fuel oil, and low - sulfur fuel oil futures remained unchanged [13]. - **Market Information**: The crude oil futures price decreased, and the market's reaction to the US threat of sanctions on Russia was calm. The fuel oil main contract price dropped. The market is concerned about possible US restrictions on European oil, and after the implementation of restrictions, the crude oil price may correct but will still maintain an oscillating pattern [14]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread between SC and WTI, US and global oil rig numbers, US refinery operating rates and throughput, and various inventory data, etc., to visually display the changes in the industrial chain data [15][17][19]

Report Industry Investment Ratings - Crude oil: ★☆☆ [1] - Fuel oil: ☆☆☆ [1] - Low-sulfur fuel oil: ★☆☆ [1] - Asphalt: ★☆☆ [1] - Liquefied petroleum gas: ★☆☆ [1] Core Views - The report provides a comprehensive analysis of the energy market, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, and liquefied petroleum gas. It assesses the supply and demand dynamics, price trends, and investment opportunities in each sector [2][3][4]. Summary by Category Crude Oil - Overnight international oil prices rose, with the SC08 contract up 1.76%. The US EIA inventory unexpectedly increased by 712,800 barrels, and OPEC+ continued its rapid production increase strategy, strengthening the supply-demand loosening expectation, especially in the fourth quarter. However, in the third quarter, oil consumption during the peak season supports physical crude oil purchases, and the supply disruption of European diesel leads to expectations of refining profit recovery. The final outcome of the US reciprocal tariffs, postponed to August 1st, is likely to be weaker than in early April. The Middle East geopolitical risks related to the Iran nuclear dispute remain. The report maintains a view that crude oil prices will rise from the bottom and fluctuate strongly in the third quarter, and short-selling strategies should be considered after the peak season's impact weakens [2]. Fuel Oil & Low-sulfur Fuel Oil - Crude oil led the rise in oil futures, followed by LU, while FU was relatively weak. For high-sulfur fuel oil, demand from ship bunkering and deep processing was low, and the summer power generation demand in the Middle East and North Africa did not boost it. The supply risk was removed as the Middle East conflict eased, and both the single price and crack spread of FU continued to weaken. For low-sulfur fuel oil, the previous strong coking profit led to limited short-term supply pressure due to the diversion effect, and the strengthening of the Singapore diesel crack spread since late June also provided some support. However, the demand lacked a clear driver, and LU's trend mainly followed crude oil, with the short-term crack spread expected to fluctuate [2]. Asphalt - In June, the actual refinery output exceeded the production plan by 100,000 tons (+4.3%), and the commercial inventory shifted from destocking to stocking in late June, with a stocking increase of 24,000 tons. The unplanned increase was the key variable that broke the asphalt destocking pattern. In July, the shipment volume of 54 sample refineries decreased slightly month-on-month, and the cumulative year-on-year increase in shipment volume since the beginning of the year dropped from 8% to 7%. The continuous high temperature and increased rainfall in many places are expected to delay the overall demand recovery. The sales volume of road rollers increased significantly year-on-year from January to May, and the third quarter is a crucial observation window for asphalt demand recovery. Currently, the single price trend of asphalt mainly follows crude oil, but the weakening fundamentals limit the upside space of BU [3]. Liquefied Petroleum Gas (LPG) - The international market supply is generally loose, and although crude oil has strengthened recently, the LPG price has remained stable. Last week, new maintenance led to a decline in chemical demand, but the decline in import costs continued to repair the PDH gross profit. Attention should be paid to the subsequent rebound rhythm of PDH operating rates. The supply pressure persists in summer, and the decline in import costs limits the upward momentum of the futures price, maintaining a weak and fluctuating trend [4].

2025 年 7 月 8 日 商 品 研 究 原油：或延续强势，多单持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 【国际原油】 WTI8 月原油期货收涨 0.93 美元/桶，涨幅 1.39%，报 67.93 美元/桶；布伦特 9 月原油期货收 涨 1.28 美元/桶，涨幅 1.87%，报 69.58 美元/桶；SC2508 原油期货收涨 10.70 元/桶，涨幅 2.13%， 报 512.00 元/桶。 3. 高盛预计欧佩克+成员国 9 月石油产量将增加 55 万桶/日。 4. 约 20 架战机投掷 50 多枚弹药 以军深夜袭击胡塞武装能源设施。 5. 加拿大总理卡尼：加拿大"极有可能"新建输油管道。 请务必阅读正文之后的免责条款部分 1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强， -2 表示最看空，2 表示最看多。 研 究 所 1. 当地时间 7 日凌晨，两名巴勒斯坦消息人士表示，在卡塔尔首都多哈举行的加沙停火谈判的首 轮会议于当天凌晨结束，各方未能达成一致。消息人士称，以色列谈判小组未能获得足够授权 ...

Group 1 - OPEC+ has unexpectedly increased production again, leading to a significant drop in crude oil prices, raising questions about whether this is a short-term adjustment or a long-term trend [1] - Institutions predict that the support level for the main SC crude oil contract is positioned below [1]

Core Viewpoint - Morgan Stanley predicts that Brent crude oil prices are expected to decline to around $60 per barrel by early next year [1] Group 1 - The forecast indicates a significant drop in oil prices, suggesting potential changes in the energy market dynamics [1]

Group 1 - The core viewpoint indicates that the international oil market will continue to experience high volatility in 2025, with oil prices fluctuating between $60 and $80 per barrel due to geopolitical tensions and macroeconomic pressures [1][2] - From January to May 2025, oil prices showed a downward trend, decreasing from $80 per barrel to $60 per barrel, influenced by trade disputes and OPEC+ production increases [1] - In June 2025, oil prices experienced significant fluctuations, driven by escalating geopolitical situations in the Middle East, leading to a wider volatility range [1] Group 2 - It is anticipated that in the second half of 2025, oil prices will remain relatively low, with Brent crude expected to fluctuate between $60 and $70 per barrel [2] - Factors such as the de-escalation of international trade disputes and increased summer demand in the U.S. are expected to support oil prices in the third quarter, with Brent crude likely to hover around $65 per barrel [2] - In the fourth quarter, a lack of positive news is expected to lead to a return to a weak oil price trend, with Brent crude potentially falling back to $60 per barrel by year-end [2]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The supply side shows that the planned domestic asphalt production in June 2025 is 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. This week, the capacity utilization rate decreased, and refineries reduced production, but there may be increased supply pressure next week [8]. - On the demand side, the current demand is lower than the historical average. The heavy - traffic asphalt, building asphalt, and road - modified asphalt have low or decreased operating rates, while the waterproofing membrane operating rate has increased [8]. - In terms of cost, the daily asphalt processing profit is - 955.93 yuan/ton, with a month - on - month increase of 10.70%. The delayed coking profit of Shandong local refineries is 801.07 yuan/ton, with a month - on - month increase of 12.56%. The loss of asphalt processing has increased, and the support from crude oil is expected to weaken in the short term [9]. - The refinery's recent production cut has reduced supply pressure. The overall demand recovery is less than expected and remains sluggish. Inventory is continuously decreasing. Crude oil is weakening, and cost support is weakening in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating between 3528 - 3598 [10]. 3. Summary According to the Table of Contents 3.1 Daily Views - **Supply**: In June 2025, the planned domestic asphalt production is 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. This week, the capacity utilization rate is 32.1788%, a month - on - month decrease of 0.72 percentage points. The sample enterprise output is 537,000 tons, a month - on - month decrease of 2.18%. The estimated maintenance volume of sample enterprise equipment is 741,000 tons, a month - on - month increase of 4.66%. Refineries have reduced production this week, but there may be increased supply pressure next week [8]. - **Demand**: The heavy - traffic asphalt operating rate is 30.4%, a month - on - month decrease of 0.03 percentage points; the building asphalt operating rate is 18.2%, unchanged from the previous month; the modified asphalt operating rate is 14.0559%, a month - on - month decrease of 0.73 percentage points; the road - modified asphalt operating rate is 22.6%, a month - on - month decrease of 3.00 percentage points; the waterproofing membrane operating rate is 45%, a month - on - month increase of 13.00 percentage points. Overall, the current demand is lower than the historical average [8]. - **Cost**: The daily asphalt processing profit is - 955.93 yuan/ton, with a month - on - month increase of 10.70%. The weekly delayed coking profit of Shandong local refineries is 801.07 yuan/ton, with a month - on - month increase of 12.56%. The loss of asphalt processing has increased, and the support from crude oil is expected to weaken in the short term [9]. - **Expectation**: The refinery's production cut has reduced supply pressure. The overall demand recovery is less than expected and remains sluggish. Inventory is continuously decreasing. Crude oil is weakening, and cost support is weakening in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with the asphalt 2509 contract fluctuating between 3528 - 3598 [10]. - **Leverage and Inventory**: On June 26, the spot price in Shandong is 3805 yuan/ton, and the basis of the 09 contract is 242 yuan/ton, with the spot price higher than the futures price. The social inventory is 1.353 million tons, unchanged from the previous month; the factory inventory is 746,000 tons, a month - on - month decrease of 5.80%; the port diluted asphalt inventory is 250,000 tons, a month - on - month decrease of 28.57% [11]. - **Market Conditions**: The main logic is that the supply pressure remains high, and the demand recovery is weak. The bullish factor is that the relative high price of crude oil provides some support, while the bearish factors are the insufficient demand for high - priced goods and the overall downward demand with an increasing expectation of economic recession in Europe and the United States [13][14][15]. 3.2 Asphalt Futures Market Conditions - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis, which can help investors understand the relationship between the spot and futures prices [20]. - **Spread Analysis**: - **Main Contract Spread**: The historical trends of the 1 - 6 and 6 - 12 contract spreads are shown, which is useful for analyzing the price differences between different contracts [23]. - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil are presented, helping to understand the relationship between asphalt and crude oil prices [25]. - **Crude Oil Crack Spread**: The historical crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) are shown, which is important for analyzing the refining profit margins [28]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio**: The historical price ratios of asphalt, crude oil, and fuel oil are presented, which can help in relative - value analysis [32]. 3.3 Asphalt Spot Market Conditions - The report shows the historical price trends of Shandong heavy - traffic asphalt, which can help in understanding the spot - market price movements [35]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The historical trends of asphalt profit are presented, which can help in understanding the profitability of asphalt production [37]. - **Coking - Asphalt Profit Spread**: The historical trends of the coking - asphalt profit spread are shown, which is important for analyzing the profit - distribution between coking and asphalt production [40]. - **Supply - Side Analysis**: - **Shipment Volume**: The historical weekly shipment volumes of asphalt are presented, which can help in understanding the supply - side sales situation [44]. - **Diluted Asphalt Port Inventory**: The historical trends of domestic diluted asphalt port inventory are shown, which can help in understanding the supply - side raw - material inventory [46]. - **Production Volume**: The historical weekly and monthly production volumes of asphalt are presented, which can help in understanding the supply - side production levels [49]. - **Ma Rui Crude Oil Price and Venezuelan Crude Oil Production**: The historical trends of Ma Rui crude oil price and Venezuelan crude oil monthly production are shown, which can help in understanding the supply - side raw - material situation [53]. - **Local Refinery Asphalt Production**: The historical trends of local refinery asphalt production are presented, which can help in understanding the supply - side production structure [56]. - **Operating Rate**: The historical weekly operating rates of asphalt are presented, which can help in understanding the supply - side production activity [59]. - **Maintenance Loss Estimation**: The historical trends of maintenance loss estimation are shown, which can help in understanding the supply - side production interruptions [61]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) are presented, which can help in understanding the inventory situation in the futures market [64]. - **Social and Factory Inventory**: The historical trends of social inventory (70 samples) and factory inventory (54 samples) are presented, which can help in understanding the overall inventory situation [68]. - **Factory Inventory - to - Stock Ratio**: The historical trends of the factory inventory - to - stock ratio are presented, which can help in understanding the factory's inventory management [71]. - **Import and Export Analysis**: The historical trends of asphalt export, import, and the import price spread from South Korea are presented, which can help in understanding the international - trade situation of asphalt [74]. - **Demand - Side Analysis**: - **Petroleum Coke Production**: The historical trends of petroleum coke production are presented, which can help in understanding the demand - side related - product production [80]. - **Apparent Consumption**: The historical trends of asphalt apparent consumption are presented, which can help in understanding the overall demand situation [83]. - **Downstream Demand**: - **Infrastructure - Related Demand**: The historical trends of highway - construction traffic fixed - asset investment, new local special - purpose bonds, and infrastructure investment completion are presented, which can help in understanding the infrastructure - related demand for asphalt [86]. - **Mechanical Equipment Demand**: The historical trends of asphalt concrete paver sales, excavator operating hours, domestic excavator sales, and roller sales are presented, which can help in understanding the downstream mechanical - equipment demand for asphalt - related projects [90]. - **Asphalt Operating Rate**: - **Heavy - Traffic Asphalt Operating Rate**: The historical trends of heavy - traffic asphalt operating rate are presented, which can help in understanding the demand - side consumption of heavy - traffic asphalt [95]. - **Asphalt Operating Rate by Use**: The historical trends of building asphalt, modified asphalt, and other types of asphalt operating rates are presented, which can help in understanding the demand - side consumption of different types of asphalt [98]. - **Downstream Operating Conditions**: The historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt operating rates are presented, which can help in understanding the demand - side consumption in different downstream industries [99]. - **Supply - Demand Balance Sheet**: The monthly asphalt supply - demand balance sheets from January 2024 to June 2025 are presented, including production, import, export, social inventory, factory inventory, diluted asphalt port inventory, and downstream demand, which can help in comprehensively understanding the supply - demand situation [104].

美国轰炸伊朗后关注冲突演变路径 周日美国轰炸伊朗福尔多与纳兹坦核设施,以-伊冲突有所升级, 但伊朗仍然表现克制,今日内塔尼亚胡首次提到停火目标,冲突同样 也有降温迹象。6 月 22 日美军轰炸后以伊冲突未来演变路径: 1.乐观情景:伊朗象征性发射导弹到底攻击美军中东基地宣称胜 利(2020年苏莱曼尼被炸后反应)或不回应仍把攻击局限于与以色 中期结构 短期结构 小时周期策略 品种 原油 震荡 偏多 观望 震荡 偏多 观望 EB 偏空 偏多 观望 PX 偏空 偏多 观望 PTA 观望 震荡 偏多 PP 偏空 偏多 观望 塑料 甲醇 偏多 偏多 观望 震荡 偏多 观望 EG 偏空. 橡胶 震荡 空単持有 偏空 偏多 PVC 如载 BR 橡胶 偏空. 偏多 观望 板块观点汇总 列的互相攻击,并且伊朗石油生产与发运未受冲突影响。以美目标仍 是对伊朗去核和让伊朗重回谈判桌。最终通过以色列停火给出台阶或 他国斡旋后再度开启谈判,最终达成协议。在这种情景下,原油价格 将随着冲突结束再度大幅回落，在 OPEC+增产周期下从哪来到哪去, 再度回落至 60 美元（WTI）。 2.中性情景:伊朗攻击美军中东基地,引发美国继续介入以伊 ...

2025 年 6 月 23 日 原油：强势或未结束，多单持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 【国际原油】 WTI7 月原油期货收跌 0.21 美元/桶，跌幅 2.80%，报 74.93 美元/桶；布伦特 8 月原油期货收 跌 1.84 美元/桶，跌幅 2.33%，报 77.01 美元/桶；SC2508 原油期货收跌 4.40 元/桶，跌幅 0.77%， 报 568.40 元/桶。 请务必阅读正文之后的免责条款部分 1 研 究 所 商 品 研 究 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强， -2 表示最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 2 【趋势强度】 原油趋势强度：1 期货研究 国泰君安期货有限公司（以下简称"本公司"）具有中国证监会核准的期货投资咨询业务资格（证监许 可[2011]1449号）。 1. 摩根大通：在包括霍尔木兹海峡封锁在内的更大范围地区冲突极端情况下，油价可能飙升至每 桶 120 至 130 美元。 2. 市场消息：伊朗议会批准关闭霍尔木兹海峡，但最高 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints - Last week, oil prices fluctuated widely in the first half and soared rapidly in the second half due to the Iran - Israel conflict, with weekly gains of over 12% for the three major crude oil futures. In the current market, the export issues of Iranian crude oil and the Strait of Hormuz may be re - priced. With the arrival of the summer consumption peak season, the support for oil prices will strengthen. The recent US economic data has boosted the market's interest - rate cut expectation, alleviating the macro - economic pressure. The Iran - Israel conflict has increased market risk appetite, which may further boost oil prices. Therefore, there is still room for oil prices to rise, and it is recommended to operate cautiously with a bullish bias and consider shorting the crack spread of refined oil products [13][20][64]. 3. Summary by Related Catalogs 3.1 Operation Ideas - Last week, the latter half of the oil price was affected by the Iran - Israel conflict and soared rapidly, with the three major crude oil futures recording weekly gains of over 12%. In the absence of an obvious sign of easing in the geopolitical conflict this week, there may still be a small upward space for oil prices. It is recommended to focus on the price range of [535 - 565] yuan/barrel and consider cautious bottom - fishing for long positions. However, be aware of the rapid decline in oil prices when there is news of geopolitical easing [13]. 3.2 Market Review - Last week, oil prices fluctuated widely in the first half and then quickly rose in the second half due to the Iran - Israel conflict, resulting in weekly gains of over 12% for the three major crude oil futures. Currently, the Iran - Israel conflict has not had a substantial impact on crude oil exports in the Middle East. If the Strait of Hormuz is blocked or the war spreads to neighboring producing countries, oil prices will still have upward potential [20]. 3.3 Fundamental Analysis - **Macro - economy**: - US economic data is improving. The May CPI data was lower than expected, and the initial and continuing jobless claims increased, along with weak PPI data. This has increased the market's expectation of an interest - rate cut in September to over 80%, reducing the upward pressure on oil prices [25]. - The Iran - Israel conflict has escalated rapidly. Israel launched a large - scale military operation against Iran on June 13, and Iran retaliated. The nuclear negotiation between Iran and the US was cancelled. If the conflict spreads to the Strait of Hormuz, it may disrupt crude oil exports and open up upward space for oil prices [31]. - **Supply**: - According to the May monthly report, OPEC + production decreased by 106 thousand barrels per day from March to April. If the Strait of Hormuz is restricted, nearly 80% of crude oil transportation will be affected, with only Saudi Arabia and the UAE having some alternative transportation capabilities [34][35]. - There are still contradictions between Saudi Arabia and Russia in production. The US production remains stable [39][42]. - **Demand**: - Attention should be paid to changes in institutional expectations. The manufacturing industries in China and the US are contracting, but refined oil production has shown a slight recovery [45][48][54]. - **Inventory**: - US crude oil inventories are decreasing, mainly due to the recovery of consumption. US refineries' daily crude oil processing volume has reached a peak since July 2024, indicating a recovery in North American consumption [56]. - US refined oil inventories are increasing, which may narrow the crack spread [59]. 3.4 Viewpoint Summary - Last week, oil prices fluctuated widely in the first half and soared after the Iran - Israel conflict. The market may re - price the export issues of Iranian crude oil and the Strait of Hormuz. With the summer consumption peak season and the boost of the interest - rate cut expectation, and the ongoing Iran - Israel conflict, there is still upward space for oil prices. It is recommended to operate cautiously with a bullish bias and consider shorting the crack spread of refined oil products [64].