US West Texas Intermediate (WTI) crude futures had risen 37 cents, or 0.4 per cent, to $74.51 a barrel by 0650 GMT, compared with their last settlement.
"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the U.S. decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.
Oil surged in the past two weeks as the US pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink. "On balance, this leaves the oil market tighter than before, with less spare capacity".
When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighbouring countries, Rouhani said: "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption". Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.
The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil. State Department official, noting that some key Iranian customers may be pressured into complying with American demands.
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran's oil export revenues and in return Riyadh will guarantee oil supplies and stabilize prices.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump tweeted.
Trump claimed in a tweet that Saudi King Salman bin Abdulaziz Al Saud had agreed to his call to boost production by "maybe up to 2,000,000 barrels". Prices to (sic) high!
The early reaction to Trump's tweet was normal.
Norway-based Rystad Energy expects Iranian production to drop by 700,000 bpd by December 2018.
U.S. crude inventories fell by 4.5 million barrels to 416.9 million barrels in the week to June 29, the American Petroleum Institute (API) said on Tuesday. In North Africa, OPEC members include Algeria and Libya. On Wednesday, he accused the Organization of the Petroleum Exporting Countries of driving up fuel prices.
The UAE's Abu Dhabi National Oil Co (ADNOC) said on Tuesday it could increase production by several hundred thousand bpd if needed.
The implication is that Saudi Arabia wants to keep prices around $75 a barrel and sees that level as sustainable in the medium term. The facility produced 253,000 bpd on average a year ago.
"Your tweets have driven the prices up by at least US$10 per barrel", Iran's OPEC governor Hossein Kazempour Ardebili said in a message to Trump, carried by Iranian Oil Ministry's Shana news service.
I want to make sure that we continue to secure this country by making smart investments, such as those at our ports of entry. Looking for news you can trust? CBP is limited to the country's entry points and within 100 miles of a US border.
Okoumou told police that she was protesting the separation of immigrant children from their parents at the U.S. -Mexico border . Liberty Island has been evacuated while they attempt to get her down, according to Jerry Willis with the National Park Service .
The video closes with the Trump University logo. "I am the only person who immediately walked out of my " Ali G " interview". You don't know [expletive]", Trump continues in the clip right before another message appears saying, " Sacha graduates.
Another area that is being watched is a cluster of thunderstorms in between Bermuda and the east coast of the United States. Both systems are expected to strengthen as we enter into the second full month of the 2018 Atlantic hurricane season.
For thousands of families as for Jesus et al, "It is a cage, it's a detention center , its a concentration camp", says the Rev. Carlsen said he does not know how long the display will be outside the church.