International crude oil prices continued to soar last week. On July 27, a “sharp brake” was suddenly put on. Brent crude oil futures and NYMEXWTI crude oil futures contracts both fell by more than 7% during the day. Meanwhile, domestic energy and chemical futures generally declined on the same day. Among them, major crude oil and fuel oil futures contracts all fell by more than 8%. Industry insiders believe that the rapid decline in international oil prices in the current round is mainly due to the US-Iran situation sending a signal of easing. The market's geographical risk premiums previously taken into account in oil prices concentrated back, and the long capital left the market profitably. Looking ahead to the future market, there is still a possibility that the geographical situation will be repeated. Low global crude oil inventories also support oil prices, but the effects of high oil prices on demand cannot be ignored. In the short term, international oil prices may enter a phase of high and wide fluctuation.

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