Just hit the daily limit collectively! Iran: Not a single drop of oil is allowed to flow out!

Commodity futures, collective fluctuations!

On the morning of March 3rd, in the domestic commodity futures market, container shipping Euroline, crude oil, fuel oil, liquefied gas, and other sectors surged significantly. As of the time of writing by Securities Journal China, the container shipping index Euroline and Shanghai Futures Exchange crude oil futures hit the daily limit, with increases of 18% and 12%, respectively. The main contract for fuel oil also hit the limit up.

In the early trading hours, the A-shares oil and gas sector continued to rise sharply. As of the time of writing, stocks such as Zhunyou Co., PetroChina Oilfield Services, Shui Fa Gas, Intercontinental Oil & Gas, Victory Shares, Shandong Molong, Zhongman Petroleum, Beiken Energy hit the daily limit. Keli Co. rose over 19%, Tongyuan Petroleum over 15%, Shouhua Gas over 12%, CNOOC over 7%, and PetroChina over 5%.

On the news front, Iran’s Islamic Revolutionary Guard Corps commander Jafari stated that ships attempting to pass through the Strait of Hormuz would be destroyed. He said, “We will not allow a single drop of oil to flow out of this region.”

Additionally, according to CCTV News citing foreign media reports, a U.S. official on March 2 local time revealed that the U.S. State Department has urged U.S. citizens to immediately leave more than a dozen Middle Eastern countries.

Container shipping Euroline, crude oil, fuel oil hit the limit up

This morning, domestic commodity futures opened higher, with container shipping Euroline up over 12%, crude oil up over 11%, fuel oil up over 10%, liquefied gas up over 6%, propylene, polypropylene, pure benzene, plastics, and styrene up over 3%.

As of the time of writing by Securities Journal China, the container shipping Euroline hit the daily limit, rising 18% to 1644.8 points; Shanghai Futures Exchange crude oil futures hit the limit, rising 12% to 572.3 yuan per barrel. The main contract for fuel oil also hit the limit, up 12%. Other commodities included LPG up over 8%, methanol up over 7%, low-sulfur fuel oil up nearly 7%, and propylene up nearly 6%.

According to Xinhua News Agency citing Iran’s Student News Agency (ISNA) on February 2, Iran’s Islamic Revolutionary Guard Corps commander Jafari said in a live TV broadcast that any ship attempting to pass through the Strait of Hormuz would be destroyed. He stated, “We will not allow a single drop of oil to flow out of this region.”

Furthermore, Iran’s Fars News Agency reported that as of that day, no oil tankers were passing through the Strait of Hormuz. 26 oil tankers were loitering near the strait, and another 27 had completely halted navigation, with a total carrying capacity of 12 million barrels of crude oil.

On February 28, the U.S. and Israel launched military strikes against Iran. That evening, Iran’s Islamic Revolutionary Guard Corps announced a ban on any ships passing through the Strait of Hormuz. According to Iran’s Mehr News Agency on March 1, an unauthorized oil tanker was hit while attempting to pass through the strait.

The Strait of Hormuz connects the Persian Gulf and the Oman Gulf and is a vital route for oil exports from Middle Eastern oil-producing countries such as Saudi Arabia, Iraq, Qatar, and the UAE. About one-fifth of global oil transportation passes through this strait.

U.S. urges American citizens to immediately leave Middle Eastern countries

According to CCTV News citing foreign media, a U.S. official on March 2 local time revealed that the U.S. State Department has urged American citizens to immediately leave more than a dozen Middle Eastern countries.

On March 2, Iran’s Islamic Revolutionary Guard Corps stated that in a new round of retaliatory actions, Iran launched 5 ballistic missiles and 26 drones targeting U.S. military sites in Kuwait, the UAE, Bahrain, and the Strait of Hormuz.

The media outlet Sepah News, affiliated with the IRGC, issued a statement saying that Iran’s recent strikes targeted the U.S. Alifian military camp in Kuwait, a U.S. military command center at an airbase in the UAE, U.S. Navy facilities in Bahrain, and an oil tanker in the Strait of Hormuz.

The Saudi Ministry of Defense stated on March 3 that the U.S. embassy in Saudi Arabia was attacked by drones, causing fires and partial damage to the building.

In the early hours of that day, the U.S. embassy in Saudi Arabia issued a security alert, stating that “shelter-in-place” notices had been issued for Riyadh, Jeddah, and Dahran, and that non-essential travel to any military facilities in the region was restricted. The embassy advised all Americans in Saudi Arabia to immediately seek shelter.

On February 28, the U.S. and Israel launched large-scale attacks against Iran, resulting in the death of Iran’s Supreme Leader Khamenei. Subsequently, Iran launched retaliatory strikes against U.S. military bases and Israeli targets in the Middle East.

(Source: Securities Journal China)