The Samsung Crude Oil Futures (03175) rose more than 4% in the morning, with a 4.04% increase at the time of writing, reaching 11.6 Hong Kong dollars, with a trading volume of 10,353.5 million Hong Kong dollars. On the news front, according to market media reports, the United States has rejected Iran's "14-point" written proposal to end the war. The report states that the US government has responded to the written proposal and rejected Tehran's plan, reaffirming its tough stance, especially on the nuclear issue. According to CCTV Finance, due to the uncertain prospects of US-Iran negotiations, crude oil exports in the Middle East continue to be hindered, leading to a significant increase in international oil prices last week, with the main US oil futures contract price rising by 10.48% and the main Brent oil futures contract price rising by 7.87%. Zhongjin Wealth Futures believes that although there has been no substantive de-escalation in the US-Iran confrontation, the relative physical crude oil premium to Brent has significantly declined from the previous level of over $30 per barrel, indicating that the market is balancing between risk mitigation and inventory decline. Currently, there have been a few ships passing through the Strait of Hormuz, but it has not yet returned to normal, and the supply interruption issue has not been resolved. Geopolitical risks have not truly dissipated, and the crude oil market is still at a critical stage of negotiation. If the substantial blockade of the Strait of Hormuz is prolonged, there may be another sharp price fluctuation in the crude oil futures market.