Market News and Important Data - The price of light crude oil futures for September delivery on the New York Mercantile Exchange rose 62 cents, closing at $63.42 per barrel, a gain of 0.99%. The price of Brent crude oil futures for October delivery rose 75 cents, closing at $66.60 per barrel, a gain of 1.14%. The main contract of SC crude oil closed up 0.70% at 489 yuan per barrel [1] - After the meeting between US President Trump and Russian President Putin, Trump said there was no plan to impose tariffs on China for buying Russian oil. He might consider the issue in two or three weeks [1] - Trump interrupted his meeting with European leaders and called Putin to arrange a meeting between Putin and Zelensky, with the location to be determined [1] - Ukraine will promise to buy $100 billion worth of US weapons with European funding and reach a $50 billion agreement with US to co - produce drones with Ukrainian companies [1] - After Ukraine attacked a pipeline transformer station, Russia's oil supply to Hungary was interrupted [1] - Multiple Palestinian factions, including Hamas, agreed to the latest cease - fire proposal from Egypt and Qatar in the Gaza Strip [1] Investment Logic - Although the US - Russia talks have advanced the negotiation, the secondary sanctions on India for Russian oil have not been clearly cancelled. India will impose additional secondary tariffs on August 27, and the Russia - Ukraine negotiation and India's decision need continuous attention [2] Strategy - Oil prices will fluctuate in a short - term range and a medium - term short - position allocation is recommended [3]

Report Summary 1. Investment Rating - The report suggests that oil prices will experience short - term range - bound fluctuations and medium - term bearish allocation [3] 2. Core View - The EU's 18th round of sanctions on Russia aims to plug the refining loophole by restricting the export of refined Russian oil products from third - countries to Europe. The implementation of this sanction is difficult, and it has a 6 - month exemption period, so the short - term impact on the market is limited [2] 3. Market News and Key Data - The price of light crude oil futures for August delivery on the New York Mercantile Exchange fell 14 cents to $67.20 per barrel, a decrease of 0.21%. The price of Brent crude oil futures for September delivery fell 7 cents to $69.21 per barrel, a decrease of 0.10%. The SC crude oil main contract closed down 1.20% at 509 yuan per barrel [1] - Iran is waiting for the US to show "genuine determination" on restarting nuclear negotiations with the US, emphasizing that only diplomatic means can solve the problem [1] - The EU has reached an agreement on the 18th round of sanctions against Russia. The new measures include lowering the G7's price cap on Russian oil from $60 to $47.6 per barrel, cutting about 20 Russian banks from the SWIFT system, imposing sanctions on the Nord Stream gas pipeline, and restricting Russian oil refined in third - countries [1] - The EU Council has voted to extend the requirement for EU member states to maintain sufficient natural gas reserves before winter for another two years to reduce the risk of natural gas price fluctuations caused by the Russia - Ukraine conflict [1] - The UK has joined the EU in lowering the so - called "price cap" on Russian crude oil exports from $60 to $47.6 per barrel [1] - Iran has agreed to hold a new round of negotiations with representatives of the UK, France, and Germany in the Iran nuclear deal in Istanbul on Friday [1] 4. Investment Logic - The EU's 18th - round sanctions on Russia aim to plug the refining loophole by restricting the export of refined Russian oil products from third - countries (mainly India and Turkey, with a combined diesel export of about 200,000 barrels per day) to Europe. However, the implementation of the sanctions is difficult as products can be blended in third - countries or have their origin certificates changed, and it's hard for the EU to trace Russian oil. The 6 - month exemption period also limits the short - term market impact [2] 5. Strategy - Oil prices will experience short - term range - bound fluctuations and medium - term bearish allocation [3]