Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The negotiation between Iran and the US in Geneva has shown "significant progress" and is "close to reaching a consensus" in some areas, but the US military deployment in the Middle East continues to escalate, indicating that the fundamental differences between the two sides on core issues are still difficult to bridge. The WTI crude oil fluctuated sharply, and as long as the concerns about the Strait of Hormuz are lifted, the oil price is under downward pressure. The indicators such as the month - spread structure and physical premium have shown weak fundamental signals [2]. 3. Market News and Key Data - The price of light - sweet crude oil futures for April delivery on the New York Mercantile Exchange fell 21 cents to $65.42 per barrel, a decrease of 0.32%; the main SC crude oil contract rose 0.74% to 490 yuan per barrel [1]. - On February 27, Ukraine's state - owned oil and gas company will receive 90 million cubic meters of US liquefied natural gas through the Port of Klaipeda in Lithuania from February to March this year, aiming to diversify energy supply routes and enhance energy security [1]. - On February 26, the price difference between the near - term and longer - term Brent crude oil contracts has narrowed, indicating that the supply situation in the spot market is gradually improving. The oil exports from Kazakhstan through the Caspian Pipeline Consortium terminal have returned to normal, and the scale of floating storage facilities is shrinking. If the US - Iran tension eases and OPEC+ resumes production increase from April, the oil price may decline [1]. - On February 26, after the US Supreme Court's ruling made the long - awaited trade agreement to stop importing Russian oil in exchange for tariff exemptions uncertain, Indian refiners are keeping their Russian oil purchases at a minimum, waiting for the Indian government's guidance [1]. 4. Investment Strategy - In the short term, the oil price is strongly driven, and it is recommended to go long on the diesel crack spread (event - driven), while in the medium term, a short - position allocation is advisable [3].