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2026-07-17 08:20:13
[CITIC Securities: The Strait of Hormuz Navigation Issue Will Continue to Disrupt Global Assets] (1) The situation in the Strait of Hormuz has escalated again, and the core contradiction between the US and Iran over control of the strait has not been fundamentally resolved by the Islamabad Memorandum of Understanding reached in June. (2) Although the memorandum once promoted the resumption of navigation, the US subsequently pursued the southern route and Iran strengthened its actual control over the route, which intensified the contradictions between the two sides and caused navigation to be blocked again. (3) In terms of assets, crude oil is expected to strengthen in the short term but then fluctuate sharply; global stock markets and other risk assets can still show independent trends; gold is suppressed by risk assets in the short term. The core differences between the US and Iran are difficult to truly resolve in the short term, and the navigation issue will continue to disrupt various assets.
