Creation Futures: US-Iran conflict continues, oil prices continue to surge.

Iran has established a temporary leadership committee to take over power, with nationwide martial law in effect. The Iranian strike operations have entered the 13th round, focusing on targeting Israeli core facilities and US military bases in the Persian Gulf. The US and Israel's airstrikes continue to expand, with targets ranging from military facilities to government, media, and civilian infrastructure; Trump has stated that military action could last for 4-5 weeks, and may deploy ground troops. Iran is currently refusing to negotiate, while the US and Israel are rejecting a ceasefire, indicating that the war is unlikely to stop in the short term. The Iranian Revolutionary Guard officially announced on the night of March 2nd that the Strait of Hormuz has been closed, and all ships attempting to pass through will be attacked. The strait normally sees an average of 138 ships passing through daily, but now only sporadic ships are attempting to pass through, leading to a decrease of over 70% and causing a large number of ships to be stranded outside the strait. This closure is impacting 20-30% of global seaborne crude oil transportation, 25% of maritime oil trade, and has basically cut off 99% of Qatar's LNG export pathways. This is affecting the daily transportation of 18-21 million barrels of oil. Furthermore, war risk premiums have soared from 0.25% to 15%, and VLCC single voyage premiums have increased from $250,000 to $3.75 million, far surpassing freight costs. In the short term, oil prices are expected to rise, so it is advised for long positions to continue holding, while those who have not entered the market should wait and observe.