The current Iran-U.S. conflict has evolved from bilateral confrontation to a regional crisis affecting multiple countries, with its impact on global crude oil supply gradually transmitting along the "production—transportation—import" chain. The safety of Iran and surrounding oil-producing countries' capacities and the transit ability of the Strait of Hormuz have become key variables influencing international oil prices and domestic energy product futures pricing. In the short term, market sentiment will continue to fluctuate sharply around the development of the event, and the substantive risk of supply disruption has not yet been fully realized; in the medium to long term, if the conflict continues to escalate, global energy trade flows, regional supply patterns, and import substitution pathways will be forced to reshape.