Overview

• President Trump said China could continue purchasing Iranian oil, reversing sanctions imposed last month under his “maximum pressure” campaign.
• He announced a ceasefire between Iran and Israel that broke down within hours, prompting him to publicly rebuke both governments.
• US warplanes struck multiple Iranian nuclear facilities over the previous weekend in an effort to halt Tehran’s enrichment activities.
• Global benchmark prices plunged nearly 5% as Brent crude fell to around $68 a barrel and West Texas Intermediate dipped toward $65.
• China remains Iran’s primary customer, importing over 90% of the country’s oil exports, a trade flow Washington may now opt not to sanction.