Iran says Trump is why oil prices are now so high

And they're partly a self-inflicted injury: The administration's decision to pull out of the nuclear deal with Iran and reimpose sanctions on the country's oil exports starting in November has caused Iranian oil production to tumble, with follow-on effects on market prices.

It is Trump and not OPEC that is to blame for the rise in oil prices, according to Iran.

He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it".

US President Donald Trump should stop interfering in the Middle East if he wants the price of oil to stop rising, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday.

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

The US President has repeatedly blamed OPEC for high oil prices, to which the organization replied that it has no power to control crude prices.

Mr. Rouhani also did not rule out talks, but a change in USA policy will be needed first.

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OPEC, as well as other producers of oil, are now deliberating whether or not to increase their output by 500,000 barrels per day in order to counteract the lessened supply from 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.

"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".

The bank's analysts said in a note Tuesday that "another supply catalyst beyond Iran would likely be needed for prices to meaningfully break to the upside".

Ben Luckock, who is the co-head of oil trading at fellow merchant Trafigura also said that crude oil prices could hike up to $90 per barrel by Christmas and $100 by the start of New Year as the markets tighten. In June, the group agreed to restore some of that output and return to its goal of keeping 1.8 million barrels a day off the market.

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