![U.S. President Donald Trump listens during a meeting with Peter Pellegrini, Slovakia's prime minister, not pictured, in the Oval Office of the White House in Washington, D.C., U.S., on Friday, May 3, 2019. The Trump administration will renew several key waivers that allow Iran to keep operating a limited civilian nuclear program, a move that heads off a clash with European allies and Tehran over the fate of a 2015 deal that Trump abandoned last year. Photographer: Yuri Gripas/Pool via Bloomberg](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/25MMUXEV4BY2AET3XM67PCUFMA.jpg?smart=true&auth=c3b4a6e5a7894342741834577ca1b25ea2451ff684648fa71edf1ad7a72d2ed9&width=400&height=225)
President Donald Trump and America wield significant power in the global oil market. Bloomberg
President Donald Trump and America wield significant power in the global oil market. Bloomberg
How the US war of attrition with Iran is playing out on the oil market
Refiners and financial institutions are too entwined with the US to ignore or work round American sanctions