The international crude oil market is currently transitioning away from the panic-driven trading observed in March, where prices were heavily influenced by premium concerns, and is gradually returning to pricing based on fundamental factors. The most direct evidence of this shift includes a roughly 60% decline in the contango of the front-month WTI futures contract in New York from its peak, a halving of the domestic crude oil options volatility index from its high, and a more than 40% reduction in the scale of capital allocated to crude oil futures. However, a return to fundamental pricing does not necessarily imply lower oil prices. Conversely, the US blockade of Iranian ports could accelerate the drawdown of global petroleum inventories. UBS Group believes that if the Strait of Hormuz remains blocked until the end of April, international oil prices could reach $130 per barrel, significantly increasing the risk of a global economic downturn. Malcolm Melville, an energy fund manager at Schroders, stated that the near-total blockade of the Strait of Hormuz is causing unprecedented severe disruptions to energy transportation. The Strait's normal oil transit volume of 20 million barrels per day has sharply decreased to between 2 and 3 million barrels per day. Asian and European nations are more affected by the conflict in Iran due to their limited oil reserves. It would not be surprising if these countries work to address this issue over the coming years. These long-term factors are expected to provide support for oil prices in the medium term. It has been noted that HSBC Private Banking and Wealth Management has downgraded its rating on Asian emerging market equities and significantly reduced its positions in India. Simultaneously, in response to the risks associated with the Iran conflict and oil price shocks, it has increased allocations to gold, cash, and hedge funds. A report released by data platform Hazeltree on Wednesday showed that as the Iran conflict entered its seventh week, hedge funds have been pouring into energy stocks, with long positions increasing by over 10% since February. Last weekend's US-Iran negotiations ended without agreement, and the US Navy has blockaded Iranian port oil tankers. The energy sector has risen more than 22% this year, tracking the increase in oil prices. The report stated that 55% of the companies tracked by Hazeltree received long bets on their energy stocks. Its data covers 600 asset management institutions and 16,000 global stocks. Compared to February, 44% of asset managers saw the number of long stock holdings increase by more than 10%. Data from Morgan Stanley also indicated that for the week ending April 10th, the energy sector was the only sector in the US stock market to experience net buying, with hedge funds increasing their long positions related to crude oil. Hong Kong-listed stocks related to the crude oil industry chain include CNOOC (00883), PETROCHINA (00857), and others.