A threat by U.S. President Donald Trump to impose unprecedented economic warfare and isolation on Iran could have implications for countries that trade with it. Trump warned of economic consequences for any country that supports Iran. Here are some of Iran's main trading partners in recent years: CHINA China, the biggest buyer of Iranian oil, could face additional pressures from the U.S. over its purchases if Trump follows through on his promise. Over the past decade, China has [Read more]

The United States will impose "the toughest sanctions in history" on Iran, U.S. Treasury Secretary Scott Bessent said on Thursday as he urged Beijing to cooperate with Washington. Bessent said he would hold a press conference on Monday to discuss details. "It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history," Bessent told CNBC. "It is going to work in Iran and we are going to collapse this regime." "It is time for our allies [Read more]

Iran's foreign ministry condemned newly announced U.S. economic and trade sanctions on Thursday, saying they targeted ordinary Iranians and amounted to "economic terrorism" and crimes against humanity. U.S. President Donald Trump warned on Wednesday of sweeping economic consequences for any country that provided what he called "any type of lifeline to Iran", threatening economic warfare and isolation on an unprecedented scale. The Iranian foreign ministry said the measures would not weaken [Read more]

The Iran war has pushed the global oil refining industry to the brink, signalling that diesel and gasoline prices may remain elevated for years. Deal or no deal, the global energy inflation shock is far from over. While oil markets adapted remarkably well to the abrupt loss of a fifth of global crude supplies from the Middle East during the conflict, workarounds for the refining industry have been far more limited. The divergence between crude and fuel prices tells the story. Benchmark Brent [Read more]

Oil prices climbed on Thursday on concerns the impasse in the U.S.-Israeli war against Iran will continue to disrupt supply from the key Middle Eastern producing region and tighten global supplies. Brent crude futures for October delivery rose 26 cents, or 0.28%, to $91.87 a barrel by 0439 GMT, while U.S. West Texas Intermediate crude futures for September added 17 cents to $86 a barrel. The more-active October WTI contract gained 12 cents, or 0.13%, to $89.91. Both Brent and WTI [Read more]

U.S. President Donald Trump warned of economic consequences against any country that provided "any type of lifeline to Iran" as the United States looks to resolve a war it began alongside Israel nearly six months ago. Thousands have been killed in the war, which quickly drew in Gulf nations and shocked global markets as Iran flexed its ability to curb shipping through the Strait of Hormuz, which carried about a fifth of the world's traded oil before February. The U.S. and Iran have twice [Read more]

One of the balancing acts that has prevented crude oil prices from spiking higher during the Iran war has been India buying record volumes of Russian crude. But it's getting more challenging for the world's third-biggest crude importer as top-ranked China resumes buying more from Russia amid the ongoing supply disruptions sparked by the conflict. China's imports of seaborne Russian crude in August are estimated at 1.25 million barrels per day (bpd) by commodity analysts Kpler, down [Read more]

Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the day before as discussions to end the war between the United States and Iran remained deadlocked, according to the latest shipping data. Commodity vessel transits at Hormuz totalled nine on Wednesday, unchanged from Tuesday, shiptracking data from Kpler showed. Transits remained low amid conflicting claims between the U.S. and Iran. U.S. President Donald Trump said on Tuesday no talks were taking place and [Read more]

Oil production in North Dakota rose 28,000 barrels-per-day (bpd) to 1,153,000 bpd in June, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,126,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]