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【Introduction】The script has flipped again

China Fund News reporter Taylor

Brothers and sisters, it feels like we’re down again during the day. Now there’s a phenomenon: crude oil prices rise during the Asian daytime session, creating pressure on the market; by night, the U.S. starts releasing good news again to suppress crude oil prices, and European and U.S. stock markets rise!

On the evening of March 17, the crude oil price rally gradually narrowed.

Meanwhile, European and U.S. stock markets kept climbing. After the U.S. stock market officially opened, the three major indexes continued the upward trend.

Analysts said: “The market is gradually showing a sentiment that it is trying to ‘ignore the current tensions.’ If a credible multi-country coordination mechanism can be formed, oil prices could fall and stock markets could rise—but the best outcome is still to end this war as soon as possible.”

On the news front, Kevin Hassett, an economic adviser to the White House, said in an interview, reiterating the Trump administration’s position: this war should end within weeks, not drag on for months.

He said: “You’ve already seen that oil tankers have begun to pass through the strait in scattered instances, which to some extent indicates that Iran’s tactics are running out of steam.”

“We’re very optimistic that this will end soon. After the war ends, oil tankers will gradually reach refineries, and there will be some fluctuations in prices over the next few weeks.”

Hassett also said there are signs that Asia may reduce exports of refined oil to the U.S. to cope with the impact of a decline in Middle East supply.

He said: “We really do see some signs that they may be scaling back exports to ensure their own energy supply. But we have countermeasures for this.”

Hassett said that the scale of the coordinated global release of strategic petroleum reserves—“if needed, it can be further expanded.” He said: “For every aspect of this shock, we actually have countermeasures, from fertilizer supply to shipping fuel to the U.S. West Coast, and so on. We’re very confident that everything is under control, and that this matter will end soon.”

Editor: Jiang You

Proofread by: Joy

Reviewed by: Chen Siyang

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