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U.S. oil touches $75 amid fears Iran will block Middle East shipments

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U.S. oil touches $75 amid fears Iran will block Middle East shipments

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said.

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

So, how much support can Trump garner for his economic assault against Iran? Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries".

The developments were preceded by US President Donald Trump tweeting about his telephone talk with Saudi King Salman bin Abdulaziz Al Saud, who allegedly agreed to Washington's proposal to increase Riyadh's daily oil production to two million barrels.

Last month President Donald Trump withdrew the United States from the landmark Iran nuclear deal, re-imposing USA sanctions that had been suspended in return for curbs on Tehran's nuclear programme.

USA officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement. "Of course. That's what we're doing, absolutely", he said.

Iran's prominent English daily, Tehran Times, in an opinion piece has slammed India for buckling under U.S. pressure to curb oil imports from Iran.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the United States sanctions are meant to turn the public against the government, and won't succeed.

Mr Trump took another swing at his European allies saying they dealt unfairly with the United States over trade.

"We're not granting waivers", the official said.

A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on USA crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit.

Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

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