The Shanghai oil future contracts have gained 12% since the announcement of the US withdrawal from the Iran deal. It was to be expected as the majority of countries expressed their opposition to the US’s withdrawal.
The International Energy Exchange (INE) futures increased by 250,000 lots, a record and doubled the volume posted the day before. The volume from the prior day was before the formal announcement of the withdrawal.
It is yet to be seen the overall effects of Trump’s actions over the Iran deal as well as the overall effects of the tariffs. So far it looks to be causing a widening gap in dichotomy between the east and west.