As the US holiday weekend approached, investors settled some long positions in crude oil; at the same time, the Russian-Ukrainian conflict showed rare developments that could be expected to end, further weakening the geopolitical risk premium, and oil prices fell. After a week of continuous mutual attacks, the nighttime hostilities in the Middle East temporarily eased. On Friday, US West Texas Light Crude Oil fell slightly and traded around $90 per barrel. Market trading was light on the eve of the Labor Day holiday weekend. The US-Iran conflict disrupted energy shipping in the Strait of Hormuz. Uncertainty still exists, and investors are unwilling to establish large-scale positions. Rebecca Babin, a senior energy trader at the Canadian Imperial Bank of Commerce Private Wealth Group, said, “The military situation at night tends to ease, weakening the momentum on oil prices. Combined with this week's sharp rise, the profit came to an end. Coupled with the scarcity of market liquidity, multiple factors put pressure on crude oil prices.”

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