Oil prices settled more than $1 per barrel higher on Tuesday as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session's steep selloff.

Oil prices are rising again, but key global events could change the outlook. Understand the real signals behind the latest moves in crude.

Oil prices were rising for a second consecutive day after the U.S. widened sanctions on Iran and President Donald Trump softened his tone on both China and the Federal Reserve. Brent crude and WTI were trading 1% higher at $68.