Analyst: Geopolitical conflicts escalating, oil prices likely to rise and difficult to fall

Last weekend, military conflicts escalated in the Middle East, causing a direct impact on the strategic strait of Hormuz, one of the most important arteries for oil transport in the world, leading to its closure. Petroleum industry analysts have stated that this signifies a shift of the conflict from the "geopolitical-financial level" to the "physical disruption of flow level," making it one of the most serious energy supply interruptions in recent years. Several interviewees have stated that oil prices are likely to rise but not fall easily. Overseas institutions have predicted that Brent crude futures prices may exceed $100 per barrel. "In the short term, there is room for oil prices to rise, and Brent crude futures prices are expected to reach the range of $75 per barrel," said Wu Yan, a crude oil analyst at Longzhong Information.