SC crude oil front-month (main) contract rose more than 5% to 478.8 yuan per barrel.

Ali Akbar Dareini, a researcher at the Tehran Strategic Research Center, said Iran does not seek war but views the US and Israel as aggressors. He warned US military actions have effectively undone a memorandum signed by Trump and could trigger escalation beyond control; Iran may respond with wide-ranging regional operations across the Middle East because it would not tolerate limited strikes on infrastructure that underpin its control of the Strait of Hormuz.

Longode Bank analyst Robin Haworth says the window for oil companies to capitalize on higher prices linked to the Middle East conflict is very short. Major oil and gas stocks have not rerated significantly as investors view elevated profits as temporary. Haworth warns oil may be capped around $100/bbl, leaving limited upside. He sees opportunities in oilfield services to repair conflict damage. Structural capacity declines and Ukrainian strikes on Russian refineries are supporting refining margins, but as output and prices normalize he prefers financials, utilities and healthcare for more attractive opportunities.