Oil prices rose on Wednesday after a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from U.S. President Donald Trump towards the Federal Reserve and his tariff war with China.

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.