Oil markets remain tense as the US has tightened sanctions on Iranian oil exports and plans to bulk up its forces in the world's top oil-exporting region
An electronic display board shows Crude Oil Urals down. Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. Picture: 123RF.COM
"The US has been losing, for many years, $600bn-$800bn a year on trade. With China we lose $500bn. Sorry, we're not going to be doing that anymore!" Trump tweeted on Monday. US sanctions have already halved Iranian crude exports over the past year to below one-million barrels per day , and shipments to customers are expected to drop to as low as 500,000 bpd in May as sanctions tighten.
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