Crude oil rises nearly 16% this week, marking the largest weekly gain since the outbreak of war and fully recovering losses since the ceasefire.

Glonghui July 18｜The Middle East situation further deteriorated on Friday. The US launched airstrikes against Iran for the sixth consecutive day, targeting Iranian missile and drone facilities as well as defensive positions. In retaliation, Iran attacked Kuwait's water and electricity facilities. Geopolitical escalation drove crude oil sharply higher. WTI crude oil rose above $82 on Friday, reaching a one-month high and fully recovering the decline since the ceasefire gap about a month ago. The prompt Brent crude oil spot price returned above $84.60, hitting a five-week high, with a cumulative increase of nearly 16% this week, marking the largest weekly gain since the outbreak of war. The refined oil market is also tense. The US and European diesel markets are experiencing record supply tightness, crack spreads soared to a historic high, and refinery profits are substantial.