Oil prices were little changed on Wednesday after volatile trading in the previous session as investors shrugged off the impact of China's tariffs on U.S. energy imports though President Donald Trump's renewed push to eliminate Iranian crude exports provided some support.

US President Donald Trump has reinstated his 'maximum pressure' campaign against Iran, reimposing stringent sanctions over concerns about Tehran's nuclear ambitions. In his remarks, Trump emphasized the need for a tough stance while also expressing hope that the sanctions will not need to be fully utilized.

U.S. President Donald Trump on Tuesday restored his "maximum pressure" campaign on Iran that includes efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon.