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The president has previously threatened to strike civilian infrastructure in Iran, a potential war crime.

G7 finance ministers are due to meet in Paris on Monday and Tuesday as long-term borrowing costs surge.

The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

The United Arab Emirates, which joined OPEC in 1967, announced last month it was leaving the oil producer group on May 1.

China and the U.S., the world's two largest economies, wield great influence over the oil market and are using it to help plug the supply gap.

China relies heavily on crude oil imports from the Middle East but those supplies are mostly cut off due to Iran's blockade of the Strait of Hormuz.

The second pipeline project comes as global energy supplies remain under pressure and flows through the Strait of Hormuz remain severely limited ...

The U.S. has been restricting oil shipments to Cuba since January, plunging the country into blackouts lasting days at a time.

Oil prices rise Friday on news that China has agreed to purchase oil from America ...

President Trump held talks with President Xi during a two-day summit in Beijing on Thursday.