According to the Huatai Securities Research Report, the situation between the US and Iran escalated again in mid-July. Iran announced another closure of the Strait of Hormuz, and at the same time, the US also announced the resumption of the maritime blockade against Iran, and oil prices rebounded. On July 17, WTI and Brent futures prices closed at $82.5 per barrel and $88.1 per barrel, up 18.7% and 20.8% from the end of June. Huatai Securities believes that after a short period of navigation in the strait, the severe shortage of crude oil supply has abated in the short term; however, uncertainty still exists due to repeated geographical conditions. The third quarter entered the peak global oil consumption season, compounded by future global reserve reserves. Crude oil prices are still supported within 1 to 2 years, maintaining the average price forecast for Brent crude oil futures from 2026 to 2027 at 82 US dollars/barrel and 70 US dollars/barrel. In the medium to long term, Huatai Securities believes that the inflection point of global oil consumption is accelerating, that the UAE's withdrawal from OPEC will accelerate the collapse of the crude oil monopoly supply pattern, and that marginal costs for oil producers will support the bottom central price of 60 US dollars/barrel.

According to the Huatai Securities Research Report, the situation between the US and Iran escalated again in mid-July. Iran announced another closure of the Strait of Hormuz, and at the same time, the US also announced the resumption of the maritime blockade against Iran, and oil prices rebounded. On July 17, WTI and Brent futures prices closed at $82.5 per barrel and $88.1 per barrel, up 18.7% and 20.8% from the end of June. Huatai Securities believes that after a short period of navigation in the strait, the severe shortage of crude oil supply has abated in the short term; however, uncertainty still exists due to repeated geographical conditions. The third quarter entered the peak global oil consumption season, compounded by future global reserve reserves. Crude oil prices are still supported within 1 to 2 years, maintaining the average price forecast for Brent crude oil futures from 2026 to 2027 at 82 US dollars/barrel and 70 US dollars/barrel. In the medium to long term, Huatai Securities believes that the inflection point of global oil consumption is accelerating, that the UAE's withdrawal from OPEC will accelerate the collapse of the crude oil monopoly supply pattern, and that marginal costs for oil producers will support the bottom central price of 60 US dollars/barrel.