The Price Of Oil Fell As The US-China Trade War Escalated

Oil prices in the red zone were on Monday amid mounting concerns over the US-China trade war, raising demand fears.

Last week, the trade dispute escalated after US President Donald Trump ordered a 10 percent tariff on China's remaining 300 billion dollars in exports to the United States despite objections from his advisers. The move was followed by a sharp drop in the Chinese yuan.

Iran confiscates tanker with a small payload of fuel

Iranian patrol boats seized a foreign ship carrying 4,400 barrels of fuel on July 31, Iranian media reported on Sunday.

"The ship was smuggling it to some Arab countries," Ramzan Zirahi, the navy commander of the army branch, was quoted by Press TV as saying. It was confiscated in the Persian Gulf. The seven crew members, belonging to "different nationalities" were arrested. Iran has imposed more sanctions after rising tensions with the United States and the United Kingdom. Accident incidents included apparent sabotage and seizure of the carriers.

Zarif will reject the invitation to the White House

At the height of tensions in the Gulf, Iranian government spokesman Ali Rabi'i acknowledged on Sunday that the United States had imposed sanctions on Foreign Minister Mohammad Jawad Zarif after the top diplomat refused to meet President Donald Trump at the White House. This information was leaked earlier to the New Yorker magazine, which learned that the call was made to Senator Rand Paul in New York on July 15.

The spokesman criticized the United States for acting "childish and ridiculous" and revealed that Zarif would soon talk about apparent contact. He confirmed that Trump asked the Republican legislator from Kentucky on June 19 to pass a message aimed at opening negotiations on Iran's disputed nuclear program. Rabi'a said the talks could only begin if the administration in Washington once again committed itself to the so-called Joint Comprehensive Action Plan, signed in 2015 in Vienna, which initially led to the abolition of international sanctions. Last year Trump canceled the deal, which was adopted within the framework of the United Nations.

Oil contracts

• London Brent crude futures fell 1.16% at 4:38 am to settle at $ 61.16 a barrel.
• While West Texas Intermediate crude futures lost 1.33% to $ 54.93 a barrel in the same month.