For the crude oil importer, the past week has been quite shocking. On May 3rd, OPEC announced that it would monitor the average price of crude oil in seven key markets to ensure it stays above $34 per barrel. The four-day rally didn’t slow down. By May 5th, prices broke through the $35 mark, reaching $35.30, which marked a 13-year high. Then, on May 8th, the first working day after China’s May Day holiday, news from the New York Stock Exchange reported that light crude oil was approaching $40 per barrel. Although global oil prices are surging, domestic refined oil prices don’t respond immediately. However, this sharp increase has raised concerns among many companies and even ordinary consumers in Shanghai. They fear that if the trend continues, it may eventually affect domestic oil prices, leading to higher production and living costs. Three main questions have emerged from the current oil market fever: When will this rise end? How long will the high prices last? And how much pressure will this put on the economy? The high oil prices are no longer a short-term issue. Industry sources said that since the Iraq war began two months ago, the “heat” in the oil market hasn’t eased significantly. Over the past year, despite fluctuations, oil prices have continued to trend upward. Analysts were once optimistic that prices would stabilize around $24–$25 per barrel this year. Now, many expect oil prices to remain above $30 for the rest of the year, with some even predicting they’ll stay high until at least fall. This shift in expectations shows that people no longer believe oil prices will drop quickly. Some blame factors like terrorist attacks, OPEC production cuts, and unresolved issues in Iraq. But with growing speculation in the market, these factors alone can't explain the sustained rise. Even when the U.S. Department of Energy reported an increase in gasoline inventories by 4 million barrels, oil prices kept climbing. As a result, it's becoming increasingly unclear when the oil price surge will ease. For Chinese companies, especially those importing crude oil, the rising prices bring real cost pressures. Although the yuan-dollar exchange rate has remained stable, the impact of higher oil prices is still felt directly. In addition to rising costs, companies also face unpredictable risks, as the market remains volatile. While domestic oil prices haven't yet reflected the recent surge, the lag means that an adjustment is likely coming. Since the last price hike on April 1st, international oil prices have risen sharply. OPEC's weekly average went from $32.61 to nearly $35, while U.S. light crude jumped from around $35 to almost $40 in just a month. Industry insiders predict that if international prices continue to rise, domestic refined oil prices will soon face another round of increases. This could lead to further pressure on consumers and businesses alike. (Reporter: Chen Chunyan)

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