International Olympic Committee and other state firms like Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) enter into annual term import deals with national oil companies of mostly Middle East countries.
The first round of renewed United States sanctions will take effect on Tuesday with the harshest sanctions, potentially targeting Iran's oil industry, expected to return in early November.
All the Persian Gulf oil exporters such as Saudi Arabia, Iran, Iraq, Kuwait, Qatar, the UAE, and Bahrain, ship their crude oil to the worldwide market through the Strait of Hormuz.
Both futures contracts have risen during the previous two sessions.
Iran's oil exports dropped by 7 percent to 2.32 million bpd in July-their lowest level in four months-as South Korea and Europe are slashing imports ahead of the return of the USA sanctions on Tehran, data from S&P Global Platts showed on Tuesday.
Oil prices fell sharply on Wednesday, hammered by an escalating trade dispute between the United States and China, weak Chinese import data and a smaller-than-anticipated drop in American crude stockpiles.
Here's why Elon Musk wants Tesla to go private
Saudi Arabia's Public Investment Fund, a major backer of the Vision Fund, has built a $2 billion stake in Tesla already. But after the markets opened Wednesday morning, Tesla's stock edged downward about 1 percent, to $375.
Canadian dollar falls after Saudi Arabia reportedly sells off assets
The selloff began on Tuesday, the Financial Times reported , and involved about $100 billion in Saudi funds. All Saudi Arabian students now studying in Canada will be transferred to other countries.
Trump says Republicans should run on his record
In a raucous rally in a sweltering gymnasium in Ohio Saturday, Trump pitched for Ohio state Sen. Steve Stivers on Thursday, encouraging people to vote for him on August 7.
President Donald Trump has threatened to impose tariffs on almost all Chinese imports to the US.
"It's something that is a definite concern and, as we start to see more tariffs in place, that's going to slow down the delivery of goods and services across the globe", said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management.
Iraqi Prime Minister Haider al-Abadi said his country opposes sanctions on Iran, but will abide by them to protect its own interests.
"They are battling with poorer margins due to government tax interventions and higher oil prices", Commerzbank said in a note.
Observers have dismissed Trump's call for Saudi Arabia to abruptly increase oil production as political "noise". Production from the unofficial leader of the Organization of the Petroleum Exporting Countries (OPEC) unexpectedly fell in July by 200,000 from a month earlier to 10.29 million barrels per day, sources told Reuters on Friday.
Later on Wednesday, the Energy Information Administration, or EIA, is set to release official USA fuel storage data.
A first batch of US sanctions against Iran, which shipped out nearly 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01am US Eastern time (0401 GMT) on Tuesday. -China trade relations continue to deteriorate; U.S. WTI -3.7% at $66.56/bbl, Brent -3.6% at $71.93/bbl. Weekly data from the American Petroleum Institute for USA inventories is due later on Tuesday at 4:30 p.m. EDT, followed by the EIA's report on Wednesday morning. This represents around a third of global oil demand.