Brent for September settlement advanced 46 cents to end the session at US$77.76 a barrel on the London-based ICE Futures Europe exchange.
Speaking yesterday in reaction to President Trump's series of tweets about OPEC's fuel prices, the Iranian official accused the U.S president of driving oil prices up with his tweets.
"This must be a two way street", his latest statement read.
Oil was mixed on Friday as a Canadian supply outage supported US crude prices, while an increase in production from OPEC's biggest exporter Saudi Arabia pushed Brent lower.
This week's price action indicates the market appears to have absorbed the recent announcement that an OPEC-led group and Russian Federation will raise output by about 1 million bpd. Today, the U.S. exports more oil than Iran. "While OPEC's effect on oil prices remains notable, the commodity is also rising for other reasons", Trump said Wednesday on Twitter. Analysts however say that he cannot have both; the White House can either drive Iran's oil exports to zero, or it can have moderate United Statesgasoline prices, but it probably cannot have both.
The challenge from now on for OPEC and for oil producers is not to seek artificial price inflation, but to improve efficiency.
At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new USA shale production comes on stream. The so-called "NOPEC Act" would make OPEC subject to antitrust law, allowing the U.S.to go after OPEC for manipulating the oil market.
In the wake of threats from the United States (US) to reduce its oil revenue to zero, Iran has flouted plans of purchasing goods only from countries that import its oil. Gasoline prices are far from the only influence on voters' opinions, with other issues such as immigration policy and the environment also factoring in. "Your tweets have driven the prices up by at least $10/b".
Oil surged in the past two weeks as the USA pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink.
Saudi Arabia appears to already have gotten the message.
"Further declines in USA crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.
"They have to put out another 2 million barrels in my opinion", he said in the July 1 Fox interview.
Trapped boys not yet ready to dive out, Thai rescuers say
Authorities say that they remain undeterred by the death of the rescue diver, and will continue the rescue mission as planned. With murky water rushing through the passageways and rescuers are concerned that having the boys dive out is a unsafe option.
We Happy Few is no longer banned in Australia
In some parts of the game, taking the drug reduces the difficulty and makes the game appear more colourful and vibrant. Games like Saints Row IV and Hotline Miami 2 have been banned from the country in the past.
China firm told to halt Malaysia rail link project
Mahathir said he will visit China in August since China's president, Xi Jinping, was unavailable this month. He says he will raise the issue of the unfair terms of the Chinese contracts and Chinese loan.
Charges laid in fatal Humboldt Broncos bus crash
The head coach, bus driver, a trainer and the team announcer were among the 16 who were killed, 10 of the victims were players. The Saskatchewan Junior Hockey League team was heading to Nipawin for a playoff game when the collision happened.
Police use drone to search children play area for Novichok
Russian Federation responded to the criticism from London by saying Britain was trying to frame Moscow for the latest poisoning. The Skripals' illness initially baffled doctors after they were found unconscious March 4 on a park bench in Salisbury.