Iran tells Trump: stop tweeting, it's driving up oil prices

US oil touches $75 amid fears Iran will block Middle East shipments

Recent price rises have also been spurred by a United States announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry. Meanwhile, stopping Iranian oil sales would take 2.4 million barrels a day off world markets.

The OPEC Monopoly must remember that gas prices are up & they are doing little to help.

Oil prices have been buoyed by tightening supplies this year but there are signs demand may now be easing.

Brent for September settlement lost 20 cents, or 0.2 per cent, to US$78.04 a barrel on the London-based ICE Futures Europe exchange, after gaining 48 cents yesterday.

Speaking to the Wall Street Journal, Michael Cohen, Head of Energy Commodities Research at Barclays, said the market was now "caught between two forces".

The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the US pressure, no other regional country will be allowed to. If Iranian production is removed from the global market, oil supply will slump by around 2.5 million barrels per day.

Volatility in the Middle East and USA foreign policy can have a major impact on oil prices.

On Wednesday, the U.S. president again accused the OPEC of driving fuel prices higher and urged USA allies such as Saudi Arabia to pump more.

Iran's representative to OPEC, Hossein Kazempour Ardebili, replied on Thursday by blaming Trump. It has made similar threats in the past, prior to the 2015 nuclear deal.

US West Texas Intermediate crude futures were down 16 cents, or 0.2 percent, at.98 per barrel.

Investors had questions as "to whether Saudi Arabia and Russian Federation could or would really be able to ramp production quickly enough", said Rob Haworth, who helps oversee US$151 billion at U.S. Bank Wealth Management in Seattle.

"When there is consolidation in the market, there is also the expectation of an eventual price breakout in either direction". Jimmy Carter struggled with high gas prices, which had doubled since the Iranian revolution. Gasoline prices are far from the only influence on voters' opinions, with other issues such as immigration policy and the environment also factoring in.

Trump's pressure on OPEC comes just as key oil exporters were boosting output, which has been curtailed since 2016 to boost prices.

Opec together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market.

Trump's tweet follows a Bloomberg earlier this week, which said that state oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels per day, citing unnamed sources.

The US is producing more oil than it has ever done, though it may be reaching its maximum capacity.

An International Energy Agency scenario projects oil production falling by around 1.5 million bpd due to the loss of Iranian and Venezuelan oil.