On March 16, the international crude oil market maintained its strength. The main domestic crude oil contract price was reported at 761.5 yuan, an increase of 20.5 yuan or 2.72% from the previous trading day, with the highest touching 799.8 yuan, a recent high. The core reason for the rise in oil prices this time is the intensification of geopolitical tensions in the Middle East and the production reduction actions of major oil-producing countries.

It is reported that Saudi Arabia has cut its crude oil production by about 2 million barrels per day to 8 million barrels per day, and the total production reduction of Gulf oil-producing countries has reached at least 10 million barrels per day, exacerbating the expectation of tight global energy supply. To ease market pressure, many countries have taken urgent actions: the U.S. Department of Energy plans to release the first batch of 86 million barrels of strategic petroleum reserves, while the United Kingdom, Germany and other countries have coordinated with the IEA to release 400 million barrels of reserves; Japan has even launched the largest-scale oil reserve release in history, with a daily release volume of 80 million barrels.

Market analysis points out that the continuous high operation of oil prices may further push up global inflation, restrict the space for central bank easing, and form cost pressure on industries such as aviation and logistics. In the short term, the evolution of the geopolitical situation and the effect of reserve release will dominate the trend of oil prices. If the conflict persists, oil prices may break through the 800-yuan mark, further impacting the rhythm of global economic recovery.