On March 30, due to the escalation of the situation in the Middle East and disruptions in the Strait of Hormuz, TotalEnergies made significant purchases of spot crude oil from the Middle East in March, combined with a bullish derivatives strategy, accumulating profits exceeding $1 billion, potentially marking the largest single trade profit in oil market history. Reports indicate that TotalEnergies 'secured' approximately 70 tankers of crude oil from the UAE and Oman scheduled for loading in May, doubling the procurement scale compared to February, and establishing a dominant position amid a sharp decline in market liquidity, driving Dubai crude prices from around $70 per barrel to $170 per barrel. Industry insiders point out that, in a context of disrupted pricing benchmarks and reduced deliverable crude oil, TotalEnergies has achieved significant influence over prices through concentrated positions and operations linked to 'paper market' tools such as futures and options. Meanwhile, high oil prices have also intensified cost pressures for Asian buyers, further impacting the existing crude oil pricing system.