Iran tells Trump his tweets raised oil price

President Rouhani talks to Iranian expatriates in Bern Switzerland

President Rouhani talks to Iranian expatriates in Bern Switzerland

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in US gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour said.

Kazempour accused Trump of trying to ramp up tensions between Iran and its regional rival, Saudi Arabia.

NAN reports that on Twitter, Trump called on OPEC countries, fresh from a meeting in which they chose to raise oil output by an indeterminate amount, to do more to bring down crude prices. This must be a two-way street. "REDUCE PRICING NOW!" he added.

Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil".

From the perspective of the White House, the ideal price is not so low it causes problems for producing states but not so high it hurts consuming states.

Iran is OPEC's third biggest oil producer, and other OPEC members range from Iran, Saudi Arabia, Kuwait and the United Arab Emirates in the Middle East to Venezuela and Ecuador in South America. "Every president before Trump has done it and it tends to happen in an election year". The president, therefore, is paying much closer attention to the harmful impact of higher oil and gasoline prices on consumers in swing states.

The average cost of gasoline has risen nearly 60 percent from a cyclical low of $1.87 a gallon in February 2016 to $2.97 last month.

Meanwhile, oil prices could see increased movement on Thursday when the U.S. Energy Information Administration releases its latest weekly inventory report.

US West Texas Intermediate (WTI) crude futures were down 16 cents, or 0.2 percent, at $73.98 per barrel. Few thought it would be 1 million bpd or more.

A blockade of the strait, through which roughly 30 percent of all seaborne oil travels, would have "dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures", Commerzbank said in a note.

Trump's pressure on OPEC comes just as key oil exporters were boosting output, which has been curtailed since 2016 to boost prices. Any time there's talk of increased production or even a suggestion, prices tend to go down. Long story short, he's anxious that higher prices at the pump will eat away at the savings he imagines are accruing to USA consumers as a result of the tax cuts.

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