Saudi Arabia says ready to pump more oil to balance market

Iran announces plan to circumvent US oil sanctions

President Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

Iran says it will find ways to export its oil, despite what he does.

Oil is surging as the US pushes allies to end imports of Iranian crude, as global supply disruptions persist and American crude inventories are already at the lowest since January.

Some 50 global companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. EDT to $78.32 per barrel.

The Trump administration vowed to stick with its pressure campaign against Iran on Monday, affirming its strategy to change Tehran's behavior by gutting its oil revenue and isolating the country globally.

The private sector in Iran was allowed to export crude oil in a bid to thwart USA sanctions, Iran's first vice president said here on Sunday. Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

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This is while world oil prices have climbed higher as the Trump administration has pressured USA allies to end all purchases of oil from Iran.

But a flurry of U.S. announcements over the weekend unsettled oil markets.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

He tweeted the Kingdom could pump "maybe up to 2,000,000 barrels", presumably meaning barrels a day.

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

Iran possesses the second-largest gas reserves on the planet, after Russian Federation, and the fourth-largest oil supplies, while Saudi Arabia is the world's biggest oil exporter.

Trade tensions are likely to overshadow that trip.

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