Storage tanks filled to capacity, oil tankers idled, and multiple countries forced to cut production! Oil prices surged by 20% at the opening, breaking through $110 per barrel, while the three major U.S. stock index futures collectively declined.

International oil prices surged above $110 per barrel as key shipping lanes were almost completely shut down, more major oil-producing countries cut production, and the United States threatened to escalate the conflict that has already disrupted energy markets.

Zhitong Finance07:29

Mujtaba Khamenei, son of Khamenei, officially assumes the role, marking the beginning of Iran's 'Era of Vengeance'.

With Mujtaba designated as Iran's new Supreme Leader, Tehran has signaled to Washington through a transition of power: confrontation knows no end. As the preferred candidate of the Revolutionary Guard and a long-standing 'mini Supreme Leader,' the 56-year-old Mujtaba assumes office bearing personal and national grievances, locking Iran into a hardline trajectory.

Golden10 Data07:28

Straits of Hormuz Update: 'Nearly Stagnant' for Seven Consecutive Days, Only Iranian Vessels Passed Through in the Last 24 Hours

Vessel tracking data indicates that only one bulk carrier linked to Iran departed the Persian Gulf in the past 24 hours, with no vessels entering from the opposite direction, resulting in a de facto suspension of commercial shipping. A small number of merchant ships attempted to navigate the strait by marking themselves as 'Chinese entities,' but few followed suit. The crisis has led to oil storage backlogs in multiple Gulf nations and forced production cuts. Saudi Arabia has redirected record volumes through the Red Sea alternative route; however, the actual rerouted volume remains significantly lower than its theoretical capacity.

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The U.S. Considers Further Easing Restrictions on Russian Oil! Is Russian Oil Becoming a Hot Commodity Amid Middle East Supply Threats?

①Just over a week ago, Russia's energy sector was in its worst state in years, with low oil prices and sanctions draining the country’s economy of funds. Millions of barrels of Russian oil were floating at sea, most of it without a destination; ②however, the current conflict in the Persian Gulf has completely reversed this situation.

cls.cn55minutes ago

Express News | Trump responds to the surge in oil prices: In the short term, oil prices will drop rapidly after the Iranian nuclear threat is eliminated.

Breakings06:55

If the U.S. really wants to suppress oil prices, it "has almost only one option": the Strait of Hormuz.

This week, the U.S. government successively announced measures such as providing insurance and escorts for transiting oil tankers, temporarily easing sanctions on Russian crude oil, and boosting Venezuela's oil production. However, most experts believe that only the swift restoration of通行能力 through the Strait of Hormuz can fundamentally reverse the trend in oil prices. Brent crude closed at $93 per barrel this week, with a weekly increase of 28%, reaching a new high since 2023.

wallstreetcnMar 8 10:23