Related: What Trump's Iran decision means for oil and gas pricesBeijing could be even less likely to go along. Related: Iran deal: Who loses as US sanctions returnChina regularly purchased crude oil from Iran, even when the country was still under sanctions. Iran delivered 766,000 barrels per day to China in March and nearly 700,000 barrels per day in April, according to ClipperData. The flood of supply came at precisely the wrong time for the oil market: excess supply was already depressing prices at the time. The oil market has done a 180 since then, due in large part to OPEC and Russia's agreement to cut production.

Source: CNN May 09, 2018 03:33 UTC