The US removal this week of waivers that allowed countries to buy from sanctions-hit Iran is expected to hit oil supplies, though analysts are keeping watch on the region and whether the Organization of Petroleum Exporting Countries (Opec) responds by opening up the taps.
However, Saudi Arabia added that it would respond to customers' needs if asked for more oil.
According to Oxford Economics' projections, the other "losers" to higher global oil prices included Spain, Hong Kong, France, the United Kingdom, South Africa, Brazil, Germany, Japan, the United States, Italy and Canada.
Consultancy Rystad Energy said Saudi Arabia and its main allies could replace lost Iranian oil.
Brian Hook, US Special Representative for Iran and Senior Policy Advisor to the Secretary of State, made the comment during a call with reporters just days after Washington said it would end all exemptions to the sanctions.
Iran is prepared to hold talks with the US only once Washington lifts pressure on Tehran and apologizes, says Iran's President Hassan Rouhani.
"Negotiation is only possible if all the pressures are lifted, they apologize for their illegal actions and there is mutual respect", Rouhani was quoted as saying.
Turkey has also stated that the U.S should not expect Turkey to simply abandon trade with Iran at such a critical juncture. "And they will fail in their plots again", he added.
The extended rise in prices would come as efforts by Saudi Arabia to make up for oil lost from Iran reduces the world's spare crude output capacity, the economists, led by John Payne, said in a Wednesday note.
He also said he had had his deputy write a letter to Secretary of State Mike Pompeo, apparently proposing a prisoner exchange, or raising the issue of Iranians arrested for alleged violations of U.S. sanctions laws.
He proposed a prisoner swap between her and Iranians in jail overseas, including a woman being held in Australia for the past three years on a us extradition request.
"But nobody talks about this lady in Australia who gave birth to a child in prison, whose child is growing up outside prison with the mother in prison", he said. Even as far back as last April, a month before Trump announced the renewal of sanctions against the country, Tehran was being forced to intervene to prop up its currency. Much like in the past, the Iran question will continue to bedevil India-U.S. ties, but unlike in the past India is in a much stronger position to preserve its equities in this triangular contestation.