"If Iran is under sanctions, the price of oil would rise and Russian Federation and Saudi Arabia can not do anything to supply additional oil to the market", Iran's OPEC governor Hossein Kazempour Ardebili was quoted as saying by SHANA, the oil ministry's news agency. A barrel of oil now costs about $75, continuing a steady increase over the past year. Trump told a campaign rally in the USA state of MS on Tuesday night. He returned to the theme Tuesday night in Southaven, Mississippi, mentioning both Japan and South Korea. Would you say they are rich? Mr. Trump asked the cheering crowd. "But I said 'King we're protecting you, you might not be there for two weeks without us - you have to pay for your military".
USA crude inventories rose by 907,000 barrels, the American Petroleum Institute said on Tuesday, ahead of Wednesday's official supply report due at 1430 GMT. "You have to pay for your military, you have to pay'".
Trump did not elaborate further on the conversation but appeared to be referring to a telephone call he had on Saturday with King Salman bin Abdulaziz. Riyadh has worked to cultivate warm relations with Mr. Trump after having rocky moments with former President Barack Obama.
President Trump said, "we protect Saudi Arabia".
USA crude inventories jumped 8 million barrels last week, quadruple analysts' expectations and the biggest build since March 2017, the Energy Information Administration said.
The climb in oil prices comes even as Saudi Arabia reported, according to Reuters, that its oil production is near a record. The record high for Saudi output is 10.72 million bpd in November 2016.
Kazempour Ardebili, Iran's representative on OPEC's board of governors, said that US sanctions on Iranian oil were "impossible", and called on Trump to return to the nuclear deal with Tehran. It was around $50 (€43) a year ago.
Just a few days after the Algiers meeting, Trump blamed OPEC for high oil prices at the UN General Assembly in NY.
"OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don't like it".
The US crude oil price is pausing for breath after its strong advance ahead of US sanctions on Iran, which take effect on November 4. "Not good. We want them to stop raising prices, we want them to start lowering prices".