Easing geopolitical tensions are providing some support to oil prices, with Mirae Asset Horizons S&P Crude Oil Futures Enhanced Er Etf (03097.HK) moving higher at midday.

NewTimeSpace— Washington’s hard-line rhetoric toward Tehran has softened, easing fears of a supply disruption and giving crude prices a modest backstop; WTI is consolidating around the US$59 mark.
Mirae Asset Horizons S&P Crude Oil Futures Enhanced Er Et (03097.HK) edged higher at midday, adding close to 0.5%.

Exchange data show 03097.HK is one of Hong Kong’s first commodity futures ETFs dedicated to oil. Listed in 2015 by Mirae Asset Global Investments (Hong Kong), the fund holds front-month WTI futures and tracks the S&P GSCI Crude Oil Enhanced Extra Return Index, aiming to replicate—net of fees—the index’s performance and provide pure oil exposure without equity noise.

On the macro front, dwindling expectations for Federal Reserve rate cuts are keeping the dollar well-bid. A stronger greenback raises the cost of dollar-denominated commodities and tends to curb buying interest from non-USD holders, acting as a headwind for crude.

Technically, WTI remains in a post-decline repair phase. The 58 level has been tested several times and has held, but rallies keep stalling in the US$60–60.50 zone, indicating stiff overhead supply.

Everbright Securities (20 Jan 2026, “Geopolitical Uncertainty Underpins Oil; Watch 2026 Demand Dynamics”) argues that persistent global turbulence should underpin crude over the longer run. With the Fed restarting an easing cycle and trade-war risks still live, the broker flags 2026 demand revisions as a key variable. Core thesis: oil is a low-cost resource play, Iran-region risk, 25% tariff threats on Iranian-barrel buyers, and OPEC+ output on hold. In the past two weeks institutional money has returned, with in-creations totaling 38 million units.

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