Trader estimates for cargoes loading from Iran bound for China in November generally ranged between seven and 10. Some said the number was lower at six to seven, while one source said it did not exceed nine.

The collateral damage of the United States’ trade wars is being felt from the fjords of Iceland to the auto factories of Japan.

“We won’t join the United States, but will cooperate closely with them,” Japan’s Chief Cabinet Secretary Yoshihide Suga told a news briefing. “Self Defense Force assets will ensure the safety of vessels related to Japan.”

Iran's Petropars will now develop the Phase 11 of the gas project, which was signed in 2017. CNPC was supposed to take Total's 50.1% stake in the project on top of its initial 30% share.

“If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests,” Prince Mohammed, known as MbS, said through a translator. “Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven’t seen in our lifetimes.”

Turkish President Tayyip Erdogan said on Friday it was impossible for Turkey to stop buying oil and natural gas from Iran, despite the threat of U.S. sanctions, and added that trade between the two countries would continue, according to broadcaster NTV.

“I should like to invite all the countries directly affected by the developments in the Persian Gulf and the Strait of Hormuz to the Coalition for Hope meaning Hormuz Peace Endeavor,” stated President Rouhani.

Analysts have said the Trump administration remains unlikely to sanction a major Chinese entity, even as imports of Iranian crude continue, due to the impact on the global economy if the trade dispute between the two nations drags on.

To circumvent U.S. banking and financial sanctions, Iran’s rulers have built up a network of traders, companies, exchange offices, and money collectors in different countries,

Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast's waterways.

The alliance protects the interests of its members and their merchant ships when passing through maritime corridors. Its operation area covers the Strait of Hormuz, Bab Al Mandab, the Sea of Oman and the Arabian Gulf.

Iranian Minister of Petroleum Bijan Zangeneh stressed the non-political nature of oil, saying the US was using oil as a weapon which was not the right approach.

The US made another request to import-dependent Japan to join the coalition, and leaders are expected to discuss it at the UN General Assembly in New York next week.

The United States will continue to impose sanctions on whoever purchases Iran’s oil or conducts business with Iran’s Revolutionary Guards and no oil waivers will be re-issued, a U.S. official said on Sunday.

President Hassan Rouhani has stressed Iran's determination to take the third step towards reducing Iran’s obligations to the Joint Comprehensive of Plan of Action(JCPOA)