Oil

OPEC said its oil output in July rose to 32.32 million bpd, above the demand forecast, despite a surprise cut in output by Saudi Arabia just weeks after OPEC and its allies had agreed to boost supplies.

Gas is 53 cents a gallon higher than at this time last year.

U.S. sanctions against Iran pointed towards tighter supply.

The drop-off in Iranian crude exports could range between 500,000 and 1.3 million bpd,

The ongoing trade war is rattling global markets.

Oil prices were sharply lower.

Crude inventories fell by 6 million barrels in the past week

Are things looking up in crisis-stricken Venezuela?

U.S. sanctions against Iran, which shipped out almost 3 million barrels per day of crude in July, officially came into effect Tuesday morning.

The U.S. reimposed some sanction on Iran, oil sanctions could follow in November.

U.S. crude oil inventories actually rose by 3.8 million barrels last week.

Oil prices are feeling the effects of ongoing tensions over global trade.