Affected by a significant escalation of the geopolitical situation in the Middle East, the global oil supply faces the risk of disruption. International crude oil futures prices surged sharply at the start of trading for the new week on the evening of the 1st.

As of 6:45 PM Eastern Time on the 1st, the price of light crude oil futures for April delivery on the New York Mercantile Exchange rose to a high of $75.33 per barrel, an increase of 12.4% compared to the previous trading day's closing price. The price of Brent crude oil futures for May delivery on the London market rose to a high of $82.37 per barrel, an increase of 13% compared to the previous trading day's closing price.

The United States and Israel launched military strikes against Iran on February 28th. That evening, Iran's Islamic Revolutionary Guard Corps announced a ban on any vessels passing through the Strait of Hormuz. Currently, multiple oil tanker owners and traders have suspended the transport of crude oil, fuel, and liquefied natural gas through this strait. According to a report by Iran's Mehr News Agency on March 1st, an unauthorized oil tanker was hit while attempting to pass through the Strait of Hormuz and is "sinking."

The Strait of Hormuz connects the Persian Gulf and the Gulf of Oman. It is a crucial passage for crude oil exports from Middle Eastern oil-producing countries such as Saudi Arabia, Iraq, Qatar, and the United Arab Emirates. Approximately one-fifth of the world's oil transportation passes through this strait.

As geopolitical tensions in the Middle East drive up market risk aversion sentiment, international gold and silver prices have also risen. Among them, gold futures prices rose by over 2% at one point, and silver futures prices rose by over 3% at one point.