The situation in the Middle East has escalated, and crude oil hit the daily limit up in early trading

Golden Finance reported that in the morning session, the main contracts for SC crude oil, fuel oil, and low sulfur fuel oil (LU) all hit the daily limit up at the opening. According to a research report by Guoxin Futures, on February 28th, after the United States and Israel attacked Iran, Iran announced the closure of the Strait of Hormuz waterway, and multiple oil tanker owners and traders temporarily suspended the transportation of crude oil, fuel, and liquefied natural gas through the strait. EIA data shows that US oil production declined to 13.66 million barrels per day in December. The decline in monthly oil production in the United States has boosted market sentiment, but future production may still increase. The negotiations between the United States and Iran have significant differences, and Iran is not expected to compromise. The conflict may last for a long time, and oil prices may continue to rise in March. (This content and viewpoint are for reference only and do not constitute any investment advice)