Oil

There is large uncertainty surrounding demand .

The spokesman for the Atomic Energy Organization of Iran (AEOI) Behrooz Kamalvandi says with EU’s lack of practical measures. Iran will take the third step to reduce commitments under the nuclear deal within almost a month.

China has traditionally played a small role in Middle East conflicts or diplomacy despite its reliance on regional oil.

Crude oil futures were lower as global economic outlook dimmed over an escalation in US-China trade tensions.

The trade war has been hitting economic growth. which tends to reduce demand for commodities such as oil.

China and other countries are receiving oil shipments from a large number of Iranian tankers. defying sanctions imposed by the United States to choke off Tehran’s main source of income. an investigative report by The New York Times said.

The latest round of US tariffs on China could push Beijing to buy Iranian oil as a retaliationf. Bank Of America Merill Lynch announced.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

The expert expects the Persian Gulf tensions to persist within a year and a half.

Chief Executive of Persian Gulf Star Refinery (PGSR) Mohammad Ali Dadvar on Sat. said that the first gasoline produced in the Persian Gulf Star Refinery was exported overseas.