Report Overview - This is an early report on crude oil and refined oil, focusing on market data, news, inventory, and weekly views [2] 1. Market Data 1.1 Price and Spread Changes from March 23 - 27, 2026 - WTI rose from $88.13 to $99.64, up $5.16 [3] - BRENT increased from $99.94 to $112.57, up $4.56 [3] - SC increased by 7.70, OMAN by 9.34 [3] - BRENT 2 - month spread rose by 1.13, reaching 7.25 [3] - WTI - BRENT spread changed by 0.60, reaching - 12.93 [3] - Domestic gasoline - BRT decreased by 270.00 [3] - Japan naphtha - BRT increased by 7.98, reaching 315.61 [3] 1.2 Other Market Indicators - On March 27, 2026, BFO reached 111.68, up 1.9 from March 23 [3] 2. Daily News 2.1 Iran - US Tensions - Iran's Parliament Speaker says armed forces are waiting for US ground operations [3] - US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries [4] - US Vice - President says the US has no intention of staying in Iran and will withdraw soon [4] - US government has discussed seizing Kharg Island [5] 2.2 Revenue Potential of Strait of Hormuz - If Iran sets up a toll system in the Strait of Hormuz, its monthly revenue could reach over $800 million, equivalent to 15% - 20% of Iran's monthly oil export revenue in 2024 [4] 3. Weekly Inventory 3.1 EIA Report for the Week of March 20, 2026 - US crude oil exports decreased by 1.576 million barrels per day to 3.322 million barrels per day [5] - US domestic crude oil production decreased by 0.011 million barrels to 13.657 million barrels per day [5] - Commercial crude oil inventory (excluding strategic reserves) increased by 6.926 million barrels to 456 million barrels, a 1.54% increase [5] - US crude oil product four - week average supply was 20.678 million barrels per day, a 2.37% increase compared to the same period last year [5] - US Strategic Petroleum Reserve (SPR) inventory remained at 415.4 million barrels [5] - US commercial crude oil imports (excluding strategic reserves) were 6.464 million barrels per day, a decrease of 0.73 million barrels per day from the previous week [5] 4. Weekly View - This week, oil prices fluctuated at high levels. On Friday, due to the tense situation between the US and Iran, the absolute price strengthened again. The Brent month - spread reached a new high, and the Oman crude oil discount weakened significantly. Crude oil spot prices around the world converged [5] - The US has not ruled out a ground offensive, but it's unclear to what extent Trump will approve the Pentagon's plan. The passage of VLCCs through the Strait of Hormuz remains interrupted, and Saudi Arabia has fully shifted to Yanbu Port for exports, with a maximum export volume of 5 million barrels per day. Currently, there is no supply interruption in Saudi Arabia, and the subsequent export situation at Yanbu Port should be monitored [5] - In the refined oil market, the cracking spread of European diesel reached a new high, the refined oil inventory in the European ARA region decreased significantly, and the refined oil inventory in the US increased. Before the passage through the strait is restored, the fundamental supply interruption will continue. With the recent escalation of the situation, the absolute price will rise, but attention should be paid to the price fluctuation risk caused by Trump's TACO [5]