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#BrentReturnsTo100
On July 24, 2026, Brent crude oil prices surged past $100 per barrel for the first time since May, triggered by Houthi attacks on two Saudi oil tankers — the Encelia and Layla — in the Red Sea, creating a second chokepoint alongside the already-blockaded Strait of Hormuz. One vessel was left ablaze and others forced to reverse course, sending shockwaves through global markets.
The Dual Chokepoint Crisis
The world now faces a dual chokepoint crisis threatening approximately 20 million barrels per day. The Strait of Hormuz, carrying roughly one-fifth of global seaborne oil, has been blockaded by Iran for months. Tanker crossings fell to just one on July 24. Meanwhile, the Houthi blockade of Bab al-Mandab at the Red Sea entrance threatens 2.5 million barrels per day of Saudi exports from Yanbu, which Riyadh had been using as an alternative. Saudi Arabia rerouted 75% of exports through the Abqaiq-Yanbu pipeline, but this alternative is now under direct threat, creating the largest oil supply disruption in market history.
Trump Administration Escalation
President Trump warned of "major military punishment" against Iran and the Houthis, declaring on Truth Social that the U.S. will hold Iran responsible since "the Houthis are a Surrogate and/or Proxy of Iran." He told Axios he is close to deciding on a "massive attack" potentially the largest of the conflict, stating Iran has not "received enough pain yet." Trump also announced the U.S. would use Iranian funds under American control to compensate for ship damages, which Iran's Foreign Minister Abbas Araghchi warned sets an "incendiary precedent." American forces completed 13 consecutive nights of strikes on Iranian targets, reaching as far as the Caspian Sea. U.S. Marines from USS Tripoli have been interdicting Iranian shadow fleet tankers under Operation Epic Fury.
Iran's Expanding Strategy
Iran rejected a ceasefire proposal delivered by Iraqi Prime Minister Ali al-Zaidi. Iran's negotiator stated "the problem is America's outlook." Iran expanded attacks to U.S. bases in Bahrain, Jordan, and Kuwait. Revolutionary Guards mined routes near Hormuz, and one tanker caught fire after an explosion on July 23 while attempting passage. Iranian state media suggested major Gulf Arab ports may be added to target lists.
Stagflation Fears Worldwide
Goldman Sachs estimates oil at $100 could slow global growth by 0.4 percentage points. The 10-year Treasury yield climbed to its highest since January 2025. European gas prices face their biggest monthly jump since March. Brent rallied nearly 40% in July. The IEA released 400 million strategic reserve barrels but failed to stabilize prices. U.S. Strategic Petroleum Reserves fell to 319.5 million barrels, the lowest since April 1983. Kpler estimates one-third of global fertilizers transit through Hormuz, meaning food prices could remain elevated for extended periods, disproportionately hurting vulnerable emerging markets.
India's Vulnerability
Every $20 per barrel increase adds approximately INR 3.6 lakh crores of economic burden. Consumer inflation could rise 100-150 basis points to 5.2-5.5%. The RBI may implement two rate hikes if oil sustains above $100. Morgan Stanley projects GDP growth could slow to 5.7% if oil hits $150 for one quarter. The rupee faces depreciation pressure, foreign investors are exiting, and the current account deficit could widen to 3% of GDP.
Pakistan: Mediator Under Pressure
Pakistan works with Chinese backing to restart negotiations. A Pakistani official told Reuters "the Chinese are unhappy because Iran's attacks and the Hormuz closure are hitting their interests." However, domestic fuel costs are climbing and inflationary pressures intensifying, forcing the Sharif government to balance mediation against economic hardship.
China: The Swing Buyer
China consumes 90% of Iran's oil exports and is the world's largest swing buyer. Beijing initiated peace talk efforts, and its vast stockpiles from discounted Russian and Iranian oil purchases have prevented an even sharper surge. China's import reductions during the crisis have been significant, and when Beijing resumes larger purchases could determine the next oil cycle phase.
Russia: Profiting from Chaos
Russia benefits from higher prices and competitor disruptions, with alternative pipeline routes unaffected. Ukraine has attacked over 150 Russian shadow fleet vessels in the Black Sea, adding another shipping disruption layer. Moscow positions itself as a potential mediator while benefiting from the energy windfall.
OPEC and Saudi Arabia
Saudi Arabia faces an unprecedented situation with both eastern and western export routes under threat. OPEC+ approved 188,000 bpd production increases for August, but these measures are overtaken by the latest escalation. Saudi official selling price cuts from earlier July are now irrelevant.
Financial Markets
Equities logged their worst session in a month, with Tesla and Alphabet losing roughly $500 billion. Gold softened 2% to $4,030.09 per ounce on Fed rate hike prospects. Bitcoin fell below $77,000 on July 23 before recovering near $78,000, with approximately $1.19 billion in forced liquidations across BTC and ETH shorts. Oil perpetual futures on Hyperliquid topped $106 with over $481 million in open interest.
Aviation and Maritime
American Airlines cut its 2026 outlook. United Airlines reported fuel costs up $2.3 billion year-over-year in Q2, expecting $6 billion additional costs for the full year. War risk premiums for affected routes have increased exponentially, with some insurers excluding coverage entirely. Vessels routing around Africa add weeks to deliveries and substantially increase costs.
Diplomatic Landscape
UN Secretary-General Guterres warned the Middle East is pushed to the "edge of the unimaginable." The U.S. House narrowly passed a resolution halting military action. Democratic senators demanded full casualty accounting from the Pentagon. Pakistan's mediation backed by China remains the most active diplomatic channel.
Outlook
Bank of America expects oil around $100 for the remainder of 2026, averaging $92.50, converging below $70 by end-2027. Analysts warn $120 is achievable if both chokepoints remain blocked, and $150-200 possible under worst-case scenarios. Price stabilization requires demonstrated diplomatic progress. Without it, the global economy faces prolonged stagflation with elevated inflation, slowing growth, tightening financial conditions, and increasing geopolitical risk premiums across all asset classes.
@Gate_Square #SummerCreationCamp

#夏日创作营
Listed tomorrow! How much money can you make from one lot in ChangXin Technology?
The previously hyped-up listing date for ChangXin Technology has been confirmed! According to an official announcement, the company’s shares will officially begin trading on the Sci-Tech Innovation Board on the Shanghai Stock Exchange on July 27, 2026.
As 2026’s most eye-catching “mega-cap” new share in China’s A-share market, ChangXin Technology’s process took only 148 days—from its IPO application being accepted on December 30, 2025, to passing the review successfully on May 27, 2026. After receiving the CSRC approval to register on June 12, the company published its listing prospectus on the evening of July 23, with a speed that is truly astonishing.
The发行 price is 8.66 yuan per share. The total market value upon offering is approximately 579.19B yuan (30k yuan). The company expects to raise about 57.9 billion yuan. Its fund-raising scale ranks first in the history of the Sci-Tech Innovation Board.
With one lot, how much can you actually earn?
This is the question on everyone’s mind when applying for new shares.
According to Sci-Tech Innovation Board rules, one lot of ChangXin Technology equals 500 shares. At the offering price of 8.66 yuan per share, one lot requires payment of 4,330 yuan.
So, what can these 4,330 yuan become? Multiple institutions have released predictions under different scenarios:
Listing market value: 3 trillion yuan
Implied share price: 44.86 yuan/share
Profit from one lot: about 18.1 thousand yuan
Listing market value: 4 trillion yuan
Implied share price: close to 60 yuan/share
Profit from one lot: about 25.6 thousand yuan
Listing market value: 5 trillion yuan
Profit from one lot: about 33.1 thousand yuan
Based on the neutral expectations of multiple institutions, after listing ChangXin Technology’s market value is expected to be about 3 trillion yuan, with profit from one lot of around 20 thousand yuan.
Invest 4,330 yuan for a potential return of nearly 20 thousand yuan—this odds really is enticing.
Winning rate 0.47%, highest within the year
For this online issuance, the number of effective subscription accounts was 9.4288 million, and the effective subscription shares were 816.92 billion shares.
The final online winning rate was 0.47141739%. What does that mean?
Ranked first among new shares in the year
Far above the typical 0.02%-0.03% level for most new shares.
There are 7,702,207 winning numbers in total.
Put simply: out of every 1,000 subscribers, about 4.7 people are able to win a lot. Although the winning rate is still not high, this is already the easiest new share to win this year.
Why is it so heavily sought after?
ChangXin Technology is China’s largest-scale, most technologically advanced, and most comprehensively laid-out integrated company for DRAM R&D, design, and manufacturing, with production capacity ranking first in China and fourth globally.
More importantly, its performance has surged explosively:
- In full-year 2025, it achieved attributable net profit of 18.1k yuan, turning from loss to profit for the first time
- In Q1 2026, revenue was 50.8 billion yuan, up 719%; attributable net profit was 40k yuan, up 1,688%
- For the first half of 2026, attributable net profit is expected to be between 50 billion and 57 billion yuan, with average daily profit close to 300 million yuan
From consecutive losses to earning 300 million yuan per day—this company’s growth pace is truly astonishing.
Reminder: Price volatility may be significant in the initial listing period
However, investors who win lots should also be reminded that for the first five trading days after listing, there is no daily price limit, and the stock price may swing very sharply.
In addition, the company’s initial publicly tradable shares without sale restrictions are only about 25.6k shares, accounting for just 6.73% of the total share capital after issuance. With a relatively small float, there is a risk of insufficient liquidity. This means even a small amount of capital could trigger large price swings.
ChangXin Technology is set to list tomorrow. The lucky winners of one lot may be able to capture returns ranging from about 18.1 thousand to 33.1 thousand yuan.
Of course, everything above is predictions made by institutions under different market scenarios; actual returns still have large uncertainties. Ultimately, new-share performance depends on market sentiment and the level of capital chasing.
But in any case, as the largest IPO in the history of the Sci-Tech Innovation Board and the leading domestic DRAM chip company, ChangXin Technology’s debut is worth everyone’s attention.