The European trio — Britain, France, and Germany, known collectively as the E3 — have triggered the “snapback” mechanism of the 2015 Iran nuclear deal to reinstate UN sanctions against Tehran.
This move puts Iran at risk of once again facing sanctions that had been lifted under the landmark 2015 nuclear accord, formally known as the Joint Comprehensive Plan of Action (JCPOA).
Condemning the decision, Iran’s Foreign Ministry stated: “This action by the three European countries will seriously undermine the ongoing process of engagement and cooperation between Iran and the International Atomic Energy Agency (IAEA).”

Over the week, the market partly shifted its attention to next week’s OPEC+ meeting. Crude output from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) has been rising, as the group accelerates production hikes to reclaim market share. This has strengthened the supply outlook and put downward pressure on global oil prices.

Oil prices were supported by a recent wave of Ukrainian drone attacks on Russian oil infrastructure and export terminals, including several refineries. The strikes disrupted fuel supplies, lifting international prices. However, reports that Ukraine’s European allies were discussing a possible ceasefire helped ease the upward pressure on prices.
Trump on Wednesday doubled tariffs on imports from India to as much as 50%. So far, India has resisted U.S. pressure, and Russian oil exports to the country are expected to rise in September, traders said.
U.S. crude inventories for the week ending August 22 showed a larger-than-expected draw, suggesting that late-summer demand remained firm, particularly in industrial and freight-related sectors.
According to data from the U.S. Energy Information Administration (EIA) nationwide crude stocks declined by 2.4 million barrels during the week ending August 22, surpassing expectations for a 1.9 million-barrel draw.
With weaker demand, bitumen prices declined in most parts of the world. In Europe, export bitumen cargoes in Rotterdam and the Baltic fell by $5.5, settling at $419/t and $414/t, respectively.
Singapore export prices continued to soften as demand weakened in the wake of poor weather across much of Southeast Asia. In this country, export bitumen stood at $422/t, reflecting a $5 decline.
In South Korea, export bitumen was assessed at $408/t, down by $1.5.
North African demand — particularly from Algeria and Morocco — continued to lend some support to Mediterranean exporters, though bitumen cargo prices were largely unchanged on the week as crude and fuel oil values offered little momentum. In the Mediterranean, export bitumen prices dropped by $2 to $375/t.

Gains in crude helped limit earlier losses in Mediterranean high-sulphur fuel oil (HSFO) cargo values, containing downward pressure on cargo prices for west African and South African deliveries.
Delivered bitumen cargoes in West Africa also fell by $2, reaching $565/t. In East Africa, these cargoes fell by $1 to $494/t.

Iranian bulk export prices also came under pressure from weak demand and a weaker rial against the U.S. dollar, falling to $295/t.