"Military operation enters a new phase"! Last night, oil prices shook sharply

Volatile Oil Prices

On Tuesday, March 10, local time, the three major U.S. stock indexes closed mixed. Chinese concept stocks generally rose, becoming one of the highlights of the U.S. stock market that day.

Amid ongoing complex tensions in the Middle East and intertwined information, international oil prices experienced sharp fluctuations. On the news front, Iran announced details of the 34th round of “Real Commitment 4,” stating that “military operations have entered a new phase.” U.S. President Trump posted multiple messages on social media on the 10th, threatening Iran not to lay mines in the Strait of Hormuz, claiming that the U.S. has destroyed 10 Iranian mine-laying vessels. Additionally, the White House denied that U.S. ships are escorting vessels through the Strait of Hormuz, while also stating that this “of course is an option.”

U.S. Stock Market: Major Indexes Mixed

On Tuesday, March 10, local time, the U.S. stock market’s three major indexes closed with mixed results: the Dow Jones Industrial Average fell 0.07% to 47,706.51 points, the S&P 500 declined 0.21% to 6,781.48 points, and the Nasdaq rose 0.01% to 22,697.1 points.

Most large tech stocks in the U.S. stock market rose, with Nvidia and Meta up over 1%, while Amazon, Apple, Google, and Tesla gained less than 1%. Microsoft fell nearly 1%.

Bank stocks mostly rose, with Citigroup up over 2%, Bank of America up more than 1%, Goldman Sachs and Morgan Stanley slightly higher; Wells Fargo and JPMorgan Chase declined slightly, both down less than 1%.

Aerospace stocks declined across the board, with United Airlines down over 3%, American Airlines nearly 3%, Delta over 2%, Southwest less than 1%. Boeing also fell over 3%.

Chip stocks mostly rose, with the Philadelphia Semiconductor Index up 0.7%, SanDisk up over 5%, Micron Technology up more than 3%, Intel, ARM, and Applied Materials up over 2%; Qualcomm fell over 2%, NXP Semiconductors down more than 1%.

Energy stocks mostly declined, with Western Oil down nearly 3%, ConocoPhillips down over 2%, ExxonMobil and Chevron down more than 1%; Schlumberger rose nearly 2%.

Concept stocks related to pandemic prevention showed mixed performance, with Gilead Sciences and Novavax up over 1%; BioNTech dropped nearly 18%, Moderna down over 1%.

Chinese Concept Stocks Rise Overall, NIO Surges Over 15%

Chinese concept stocks generally rose, with the NASDAQ Golden Dragon China Index up 1.96%.

Among popular stocks, NIO surged over 15%, Century Internet rose more than 14%, Wondrous Rise gained over 11%, Full Truck Alliance and Futu Holdings up over 7%, Tiger Securities and GDS Holdings up over 6%, JinkoSolar and iQIYI up over 5%, Baozun and Niu Technologies up over 4%.

Declining Chinese stocks included IM Motors, which fell over 15%, Worry-Free English down over 8%, Lianzhang Portal down over 6%, Brain Rebirth over 5%, Dingdong Maicai down over 3%, Huya and Kingsoft Cloud down over 1%.

International Oil Prices Fluctuate Sharply

International oil prices experienced significant volatility. On March 10, local time, NYMEX crude oil futures briefly exceeded $90 per barrel during trading, then fell below $80, with a daily range of up to 17%.

The rapid changes in international situation remain the biggest variable behind current oil price fluctuations.

According to CCTV News, on the 10th, White House Press Secretary Karine Jean-Pierre stated at a press conference that U.S. military operations against Iran are “progressing beyond expectations.” The military actions will continue until the U.S. President Trump determines that the set military objectives are fully achieved.

Jean-Pierre said that Trump’s mention of Iran’s “unconditional surrender” refers to Iran no longer having the capability to pose credible threats to the U.S. and its allies, especially with its ballistic missile system and nuclear weapons development capabilities being thoroughly weakened.

Regarding the Strait of Hormuz, President Trump posted multiple messages on social media on the 10th, threatening Iran not to lay mines there, claiming that the U.S. has destroyed 10 Iranian mine-laying vessels.

In his first post, Trump said that if Iran mines the Strait of Hormuz, it will face “unprecedented” military consequences. He also stated that the U.S. military will “completely destroy any ships attempting to lay mines in the Strait of Hormuz.” About 13 minutes later, Trump posted again, claiming that U.S. forces had hit and destroyed 10 inactive Iranian mine-laying vessels in recent hours, and that further actions would continue.

On the same day, the U.S. Central Command announced via social media that U.S. forces had eliminated multiple Iranian naval vessels near the Strait of Hormuz, including 16 mine-laying ships.

White House Press Secretary Jean-Pierre said on the 10th that the U.S. Navy is currently not escorting any oil tankers or other ships through the Strait of Hormuz. She added that this “of course is an option,” and if necessary, President Trump “will absolutely use it at the appropriate time.” Trump stated on the 3rd that if needed, the U.S. Navy would begin escorting oil tankers through the Strait of Hormuz.

In Iran, early on the 11th local time, the Islamic Revolutionary Guard Corps announced the implementation of the 37th round of “Real Commitment 4” military operations, targeting U.S. military bases in Erbil, the capital of Iraq’s Kurdistan Region, the U.S. Fifth Fleet, and Tel Aviv in Israel with missile strikes.

Earlier, on the 10th, the IRGC issued a statement detailing the 34th round of “Real Commitment 4” operations. The statement said that Iran launched multiple types of missiles, including “Qader,” “Emad,” and “Fateh,” and used “Habar” hypersonic missiles, entering a new phase of military action against the U.S. and Israel. The statement also said that the IRGC Aerospace Force used missiles and attack drones to strike two military bases in Abu Dhabi, UAE, and Bahrain.

The statement further claimed that multiple military targets in northern Israel, including Ramate David Air Force Base, Haifa Civil Airport, and missile launch sites east of Tel Aviv in Bnei Beraq, were hit by Iran’s heavy missiles.

It also stated that Iran’s targeted strikes on U.S. and Israeli military resources and infrastructure in the region are ten times the number of enemy-controlled targets.

According to CCTV News, on the 10th, Iran’s Police Chief Ahmad Reza Radan announced the arrest of 81 individuals providing intelligence to foreign countries online. Additionally, a person with financial ties to opposition groups was also detained.