The Vienna conference on 23 June 2018 decided the oil-producing would endorse a normal output rise of one million barrels crude oil each day. Total volume traded was about 79 percent below the 100-day average.
Economists at Capital Economics said the sanctions would result in a downturn in Iran's economy but, as things stand, the economic impact on the rest of the Mena region shouldn't be severe.
Many countries, including United States allies in Europe as well as China and India oppose the introduction of new sanctions, but the U.S. government said it wants as many countries as possible to stop buying Iranian oil. China, which is already in the midst of a trade tirade with Washington has refuted the USA sanctions on Iran.
Refinery crude runs rose by 118,000 barrels per day, EIA data showed. Gasoline inventories increased by 3.1 million barrels and distillate stockpiles rose by about 1.8 million barrels.
However, loadings to China were 799,452 b/d in July, up from 722,100 b/d in June.
Flows to India in July were higher despite some Indian refiners saying they would reduce their reliance on Iran.
"It's something that is a definite concern and, as we start to see more tariffs in place, that's going to slow down the delivery of goods and services across the globe", said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management.
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President Donald Trump tweeted on Tuesday that the sanctions were "the most biting sanctions ever imposed".
The bank said, however, that such tariffs were unlikely to derail the outlook for US energy exports.
Cushing is a major trading hub for crude oil and a famous price settlement point for WTI on the New York Mercantile Exchange.
Europe is an important outlet for the OPEC member, and the region was taking around 600,000-700,000 b/d, or a third, of Iranian crude exports until May this year.
They said Iranian exports were likely to drop by up to 1 million bpd by November but even that could push Brent to $85 per barrel if oil markets were hit by other disruptions in producer countries such as Libya or Venezuela.
The oil shipments into the world's biggest importer of crude came in at 36.02 million tons last month, or almost 8.48 million barrels per day, higher from 8.18 million barrels per day a year ago, and just over June's 8.36 million barrels per day, according to the data from the General Administration of Customs.
The WTI Crude Oil market fell rather significantly during the trading session on Wednesday, and then got an extra boost as although inventory was taken out in the United States, it was only about half of what had been anticipated.