Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The measures taken by the US government to ease oil prices are ineffective in offsetting the large volume of oil and gas exports from the Strait of Hormuz. Only the full resumption of navigation in the Strait can completely alleviate the current supply shortage [2] - Oil prices are at high risk of rising in the short - term due to the Strait's disruption, and also face significant downward risk if the Strait resumes navigation. The market is volatile, and it is recommended to wait and see [4] Summary by Relevant Catalogs Market News and Important Data - On March 5th, international oil prices rose significantly. The April - delivery light crude oil futures price on the New York Mercantile Exchange rose $6.35 to $81.01 per barrel, a gain of 8.51%. The May - delivery Brent crude oil futures price rose $4.01 to $85.41 per barrel, a gain of 4.93%. The SC crude oil main contract rose 1.25% to 674 yuan per barrel [1] - US President Trump said he would take further measures to ease pressure on the oil market. He also called on Iranian diplomats around the world to seek asylum [1] - US Interior Secretary Bergum said the Trump administration was considering a series of measures to deal with rising oil and gasoline prices caused by the Iran war, including releasing the US emergency oil reserve, but no action has been taken so far [1] - The CEO of Colombia's state - owned oil company Ecopetrol said there were multiple energy trading cooperation opportunities with Venezuela and requested the US Office of Foreign Assets Control to lift restrictions on negotiations with Venezuela [1] - The US Treasury has issued a license for the transactions of the German branch of Rosneft, effective today [1] - Hungarian Prime Minister Orban said Hungary would not compromise with Ukraine and would force Ukraine to resume oil transportation from Russia through the "Friendship" pipeline [1] - Due to the Middle East conflict, Kuwait's Mina Abdullah refinery with a daily processing capacity of 454,000 barrels was shut down on March 3rd and is expected to resume operation by March 15th. Kuwait's Zour refinery with a daily refining capacity of 615,000 barrels has reduced its operating load by about 25%. Bahrain's Sitra refinery with a daily processing capacity of 448,000 barrels has shut down two crude oil units [1] Investment Logic - The current throughput of tankers in the Strait is still low. US government measures such as providing insurance and naval escort, releasing strategic reserves, and relaxing sanctions on Russia cannot offset the large volume of oil and gas exports from the Strait, especially for refined oil and natural gas. The shortage in the natural gas and refined oil markets cannot be solved [2] Strategy - It is recommended to wait and see as the oil price is volatile, with high upward risk in the short - term due to the Strait's disruption and high downward risk if the Strait resumes navigation [4]