Recently, the geopolitical situation in the Middle East has intensified rapidly, with renewed conflict between Israel and Iran sparking concerns over potential disruptions to Middle Eastern crude oil supply. As a result, international oil prices have experienced sharp volatility and significant gains. For example, on the New York Mercantile Exchange (NYMEX), the price of the August WTI crude oil contract surged to as high as $75.50 per barrel, currently hovering around $73. A market that was previously characterized by oversupply has now witnessed a short-term boost due to fears of supply constraints.However, whether the oil market can sustain its rebound—and how high this recovery might reach—ultimately depends on the progression of the Israeli-Iranian conflict. If hostilities further esc
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