U.S. President Donald Trump’s announcement to pull out of the Obama-era deal and reinstate sanctions on Iran sent ripples through markets, pushing oil further above $70 a barrel. SEE MORE The US President declared on May 8 that the country had withdrawn from the Iran nuclear deal due to it being "defective at its core," despite attempts by EU countries to persuade him to keep the deal. SEE MORE European polyvinyl chloride (PVC) producers have dropped the prices of exports into the CIS countries despite a rise in the cost of ethylene. SEE MORE China’s petrochemical imports from Iran are not expected to take a major hit upon the US’ re-imposition of sanctions against the Middle Eastern country. SEE MORE Fuel prices edged up on May 8, plus a high extraction from the fuel price stabilization fund for fuel retailers, with the rising global oil price cited as the main reason. SEE MORE