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While finding supply sources will not be a problem, winding down Iranian oil imports would involve settling oil payments as well, which would also be hampered by the U.S. embargo.

On May 8, Trump unilaterally withdrew the USA from the 2015 multilateral nuclear deal with Iran despite objections by Europe as well as Russian Federation and China - the other parties to the deal.

He noted that domestic oil production has supplied all of the growth in global demand so far in 2018 and has helped to compensate for production losses among some OPEC-member nations. He also said that they should take advantage of the multilateral mechanism, such as the World Trade Organization in order to strengthen ties between China and Brazil, which started "some 200 years ago". In addition, gasoline reserves also fell by 4.9 million barrels, a much higher volume than the experts previously estimated.

Futures fell 0.6 per cent to 490.6 yuan (RM294.26) on the Shanghai International Energy Exchange. "We're seeing a little bit of volatility around investor positions and currency moves from the trade tensions". He reciprocated in his comments that either peace or war with Iran would occur at its highest degree.

Mounting U.S. economic pressure, a faltering economy, sliding currency and state corruption are rattling Iran's clerical rulers, but analysts and insiders rule out any chance of a seismic shift in Iran's political landscape. "It is unimaginable the Federal Reserve would stop raising interest rates".

Foreign Minister Mohammad Javad Zarif then tweeted that he was "unimpressed" by Trump's threatening language.

Brent crude oil was unchanged at $73.06 a barrel by 1145 GMT.

President Donald Trump created a lot of buzz Sunday evening with his strongly worded tweet directed toward Iranian President Hassan Rouhani.

His remarks came in reaction to Donald Trump's tweet on Sunday, in which the United States president threatened Iran with what "few throughout history have suffered before".

The Northeast Asian country imported 5.49 million barrels of crude from Iran last month, compared with 9.31 million barrels a year earlier, data released late Monday by the Korea National Oil Corp. showed.

When Senator Ben Cardin asked that Iran was no longer isolated as it is getting support from Russia, China and Europe and he was unable to understand the USA strategy with regards to preventing nuclear proliferation, Pompeo said that the Trump Administration want neither Iran nor North Korea to have the capacity to proliferate nuclear weapons, to enrich uranium or build their own weapons programme.