Oil prices settled lower on Thursday after U.S. President Donald Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

There is no doubt there will be an impact of the second Trump presidency on the energy transition, but it is unlikely to have a lasting or significant shift to the

The U.S. on Thursday imposed sanctions on a network of more than a dozen people and firms that are accused of facilitating the shipment of millions of barrels of Iranian oil to China.

The U.S. Treasury said on Thursday it is imposing new sanctions on individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China. The move comes after U.S. President Donald Trump earlier this week vowed to bring Iran's oil exports to zero as the U.