Earlier on Monday, Oil prices rose by nearly 2 percent as the USA sanctions restricted Iranian crude exports, which helped tighten the total global supply. Brent hit US$82.55 per barrel, its highest since Nov 10, 2014.
Trump, who spoke at the United Nations General Assembly in NY yesterday, lashed out at OPEC and its allies for keeping oil price high, saying that high oil prices negatively affect the economies of the world.
Saudi Energy Minister Khalid al-Falih told CNBC on Sunday that Trump's claim on Twitter last week that OPEC is pushing oil prices higher and higher is "not true". "It's good for peace and it's good for the shape of the global price of oil".
US officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output.
US President Donald Trump is the "main culprit" to blame for a recent surge in oil prices, Iranian Oil Minister Bijan Namdar Zanganeh said on Wednesday. The news was bearish for oil, but some analysts expressed skepticism about the efficiency of the mechanism on the grounds that the US could simply expand the scope of the sanctions to include barter deals between the European Union and Iran.
The so-called "OPEC+" group, which includes producers such as Saudi Arabia and Russian Federation, met over the weekend but did not see the need to add new output.
U.S. crude inventories rose by 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data.
The IIF said such a system would likely fail to persuade major European companies to do business with Iran for fear of US sanctions.
Commerzbank said in a note that "the latest rise in oil prices is due primarily to Trump himself. he has focused the market's attention on the Iran sanctions again, even though the market is adequately supplied at present thanks to the increase in OPEC and Russian production".
"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end", wrote the analysts. "Given the current oil market scenario, we believe prices of crude oil are to rise around $78/bbl -$80/bbl unless the number of rigs deployed by the by the United States are increased", said credit ratings agency CARE Ratings.