$CNOOC(00883.HK)
Hormuz Strait traffic volume drops by 95%, cannot return to normal within 60 days, and the daily reduction of tens of millions of barrels in physical flow is rapidly depleting global reserve inventories.
There is an additional variable: the summer demand peak will soon collide head-on with energy shortages.
Therefore, the current Brent crude oil price is an unjustified sell-off.
Political statements inevitably cannot defy physical reality.
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