CITIC Securities says US-Iran talks have produced no major breakthrough. A rise in tanker security incidents in the Strait of Hormuz and higher transport costs, together with an escalation between Saudi Arabia and Houthi forces, have raised risks to regional energy infrastructure and Bab el‑Mandeb shipping, increasing uncertainty around crude supply and transport. The firm expects international oil prices to remain elevated and volatile for the remainder of 2026. Key market watches: negotiation progress, resumption of strait navigation and actual supply changes.(金十)