Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - Geopolitical cooling led to a sharp decline in crude oil prices, and it's advisable to build positions for reverse spreads opportunistically [1] 3. Summary by Related Catalogs International Crude Oil - WTI August crude oil futures closed down $5.33 per barrel, a 7.22% decline, at $68.51 per barrel; Brent August crude oil futures closed down $5.53 per barrel, a 7.18% decline, at $71.48 per barrel; SC2508 crude oil futures closed down 32.20 yuan per barrel, a 5.65% decline, at 537.70 yuan per barrel [1] Geopolitical News - Local time on June 24, Israeli Prime Minister Netanyahu asked cabinet members not to comment on the recent progress of "Trump announcing that Israel and Iran agreed to a full cease - fire" until further notice [3] - Iranian senior officials confirmed that Tehran has agreed to a cease - fire agreement with Israel proposed by the US and mediated by Qatar [3] - Trump said on Truth Social that Israel and Iran have fully agreed to a complete and thorough cease - fire. Iran will start the cease - fire first, and Israel will start 12 hours later, and the war will be considered over after 24 hours [3] Trend Intensity - The trend intensity of crude oil is - 1, with a range of [-2, 2] for integer values, where -2 means most bearish and 2 means most bullish [4]

Core Viewpoint - International crude oil futures settlement prices surged over 4% [1] Group 1 - WTI July crude oil futures rose by $3.07, an increase of 4.28%, closing at $74.84 per barrel [1] - Brent August crude oil futures increased by $3.22, a rise of 4.4%, closing at $76.45 per barrel [1]

Core Viewpoint - International crude oil futures settlement prices fell by over 1% [1] Group 1: WTI Crude Oil - WTI July crude oil futures closed down by $1.21, a decline of 1.66%, settling at $71.77 per barrel [1] Group 2: Brent Crude Oil - Brent August crude oil futures closed down by $1, a decrease of 1.35%, settling at $73.23 per barrel [1]

Core Viewpoint - International crude oil futures settlement prices surged over 4% [1] Group 1: WTI Crude Oil - WTI July crude oil futures rose by $3.17, an increase of 4.88%, closing at $68.15 per barrel [1] Group 2: Brent Crude Oil - Brent August crude oil futures increased by $2.9, a rise of 4.33%, closing at $69.77 per barrel [1]