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On July 9, Irans Permanent Representative to the United Nations, Illavani, sent a letter on July 8 to UN Secretary-General António Guterres and the Security Councils President for the month, Zenon Ngai Mukongo, Permanent Representative of the Democratic Republic of Congo to the UN, condemning in the strongest terms the United States repeated acts of aggression and its continued violations of the UN Charter and other norms of international law. The letter stated that the latest round of US aggression blatantly violates relevant provisions of the UN Charter and contravenes the provisions of the Islamabad Memorandum of Understanding. The USs repeated and deliberate violations of its commitments fundamentally betray the Memorandum of Understanding and must bear full international responsibility for all legal and political consequences arising from its illegal actions and the dangerous escalation of the situation. Given the seriousness of the situation, Iran reiterated the responsibilities entrusted to the UN Secretary-General and the Security Council by the UN Charter, particularly in cases involving aggression and threats to international peace and security. Iran urgently called on the Secretary-General and the Security Council to take immediate, effective, and decisive measures to compel the United States to cease its continued illegal acts of aggression and prevent further escalation.Oil-themed funds fluctuated higher, with Harvest Crude Oil LOF, E Fund Crude Oil LOF, and Southern Crude Oil LOF all rising over 7%. The S&P Oil & Gas ETF Fullgoal rose over 4%, and its oil LOF rose over 3%. Other oil funds, such as Huabao Oil & Gas LOF, followed suit. This was in response to news that Iran struck four US military bases in Kuwait and Bahrain.Goldman Sachs: If the 60-day negotiations continue and the Iranian oil waivers are restored, the Persian Gulf oil supply is expected to recover by the end of July; this would require an increase of 6.6 million barrels per day in oil supply from the Strait of Hormuz.The main fuel oil futures contract surged 6.00% intraday, currently trading at 3214.00 yuan/ton.July 9th, Futures News: The current crude oil market is highly fragile and sensitive, especially regarding the erratic behavior of the United States, making it prone to significant fluctuations. The previous decline in oil prices was a precise reflection of the concentrated release of resources following the opening of the Strait of Hormuz. However, with escalating geopolitical tensions, oil prices are expected to re-enter an upward trend, driven by a prolonged supply recovery cycle and rising panic. It is anticipated that WTI and Brent will test the $75 and $80/barrel levels respectively in the short term. If the conflict continues, a return to above $90/barrel would not be surprising; if the conflict subsides quickly, oil prices will likely trade between $65 and $75/barrel.
