Brent crude oil futures rose 0.9% to $68.05 per barrel, while US WTI crude oil rose 0.94% to $64.27 per barrel, continuing the previous trading day's gains.

Market sentiment has been boosted by a new round of US sanctions against Iran, with the US Treasury Department announcing new sanctions against Sayyid Asadora Emamyomeh, a key figure in Iran's liquefied petroleum gas and crude oil export network, and his corporate system.

The US Treasury Department stated, "Emamjomeh's corporate network is responsible for transporting billions of dollars worth of Iranian liquefied petroleum gas and crude oil to overseas markets

API data shows a significant decrease in US crude oil inventories, and inventory data may continue to be positive for oil prices

According to market sources citing data from the American Petroleum Institute (API), as of last week, US crude oil inventories have decreased by approximately 4.6 million barrels, far exceeding the market's widely expected decrease of 800000 barrels. The official Energy Information Administration (EIA) inventory data will be released on Wednesday evening Beijing time. If the results further confirm the decline in inventory, it may accelerate the pace of oil price rebound.

Trump's tone softened, market expectations for global trade situation improve

Trump told reporters on Tuesday that after reaching an agreement with Asian powers in the future, US tariffs "will be significantly reduced", although not to zero.

At the same time, Trump temporarily eased his remarks about hiring Federal Reserve Chairman Powell, which also eased the market volatility caused by the controversy over central bank independence.

US Treasury Secretary Scott Besant said in a closed door meeting, "It is expected that global trade tensions will ease, but negotiations have not yet begun and the process may be very difficult

Trade concerns persist, and the potential for oil price rebound needs to be observed

Despite a slight easing of trade tensions in the market, concerns about a slowdown in overall economic growth continue to suppress the medium to long-term upward potential for oil prices. Especially before weak global demand and uncertain macro data, oil prices may continue to fluctuate and consolidate at high levels.

Editor's viewpoint:

The current rise in oil prices reflects short-term favorable geopolitical and inventory factors, but structurally, the market still holds a reserved attitude towards the demand outlook.

If this week's EIA inventory data confirms supply tightening again, Brent oil prices are expected to challenge the resistance level above $69.00 in the short term. However, there is still uncertainty in the global trade situation, and the oil market may still face volatility risks. It is necessary to closely monitor key factors such as inventory data and OPEC statements to evaluate the future direction of oil prices.