$CHINAHONGQIAO(01378.HK) rose seven points, while $Pro Ultr Bloomberg Crude Oil(UCO.US) and $Us Brent Oil(BNO.US) rose even more directly—the recent US-Iran tit-for-tat in the Strait of Hormuz has raised market concerns about energy shipping lanes being cut off, pushing up oil prices. $Occidental Petroleum(OXY.US) and $CNOOC(00883.HK) also followed with slight gains, and aluminum prices rose along with this round of commodity inflation expectations. Geopolitical premiums are still self-consistent for now, but this kind of rally propped up by conflict can also fall back quickly.
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