The core factor driving the sharp drop in oil prices was the cease-fire in the military conflict between the US and Iran over the weekend. According to media reports, after 13 consecutive nights of air strikes against Iran, the US military suspended air strikes on the evening of July 24. There were no reports of US military attacks on the 25th or 26th, and Iran's previous nightly air strike retaliation stopped. A senior Iranian official said that as long as the US stops military attacks, Iran will also stop military operations. The Gulf countries are speeding up the restructuring of their crude oil export networks to reduce their dependence on the Strait of Hormuz. It is no longer bullish in the short term. It is recommended to mainly wait and see. Currently, there is a lot of fluctuation, so proceed with caution.

The core factor driving the sharp drop in oil prices was the cease-fire in the military conflict between the US and Iran over the weekend. According to media reports, after 13 consecutive nights of air strikes against Iran, the US military suspended air strikes on the evening of July 24. There were no reports of US military attacks on the 25th or 26th, and Iran's previous nightly air strike retaliation stopped. A senior Iranian official said that as long as the US stops military attacks, Iran will also stop military operations. The Gulf countries are speeding up the restructuring of their crude oil export networks to reduce their dependence on the Strait of Hormuz. It is no longer bullish in the short term. It is recommended to mainly wait and see. Currently, there is a lot of fluctuation, so proceed with caution.