Hormuz Strait is at a standstill, crude oil drives the overall surge in the energy sector.

Due to the ongoing escalation of tensions in Iran, the domestic futures market reacted strongly on March 2nd. As of the close of trading on that day, 12 varieties including the shipping index, crude oil, high-sulfur fuel oil, low-sulfur fuel oil, methanol, liquefied gas, propylene, polypropylene, ethylene glycol, and pure benzene all hit their daily limit up. In addition, gold, silver, and other varieties also saw significant increases. Analysts point out that after the US attacked Iran, it triggered a stagnation in the global energy "artery" - the Strait of Hormuz. As a key pathway for global energy transportation, major oil-producing countries such as Saudi Arabia, Iraq, and Qatar heavily depend on this route for exports, causing concerns in the market about energy supply and driving up oil prices and related chemical products. Gold and silver also rose again due to safe-haven demand. At the same time, several major airlines have adjusted their routes or suspended new bookings, directly raising shipping costs and marine insurance premiums, leading to a surge in shipping futures. The next steps for relevant varieties will continue to depend on the development of the situation in Iran.