Iran's Foreign Minister Javad Zarif described his government's reaction to President Trump's decision on Tuesday to re-impose US sanctions on foreign companies that do business with Iran, in a statement posted to Twitter on Friday.
The United States will likely re-impose sanctions against Iran after 180 days, unless some other agreement is reached.
Brent crude futures LCOc1, the worldwide benchmark for oil prices, hit their strongest since November 2014, at $77.89 per barrel shortly before 0700 GMT on Thursday, up 0.9 percent from their last close.
Brent crude oil touched its highest since November 2014 at $77.20 a barrel.
West Texas Intermediate crude for June delivery rose as much as 75 cents to $71.89 a barrel on the New York Mercantile Exchange and traded at $71.57 at 10.32 am in London.
Both contracts notched their biggest daily percentage gain in a month.
Gasoline prices, which generally follow oil prices, have jumped to a national average of $2.81 a gallon, according to AAA.
The EIA report helped carry USA gasoline futures to $2.1674 a gallon, the very best since Hurricane Harvey despatched costs surging in August.
What's notable about the Trump administration's outreach, however, is that it remains necessary even in the face of surging USA oil production that has put the country on course to soon be oil independent (on a net basis).
In an interview with CNN, Adel Jubeir said Saudi Arabia would "do whatever it takes" to protect its people following US President Donald Trump's decision to withdraw the from the Iran nuclear accord the previous day.
The nuclear deal was negotiated by then-president Barack Obama with Britain, China, France, Germany and Russian Federation to limit Iran's nuclear activities in return for relief from crippling global sanctions coordinated by the Obama administration.
During the last round of sanctions prior to the nuclear deal, Iran's oil supplies fell by around one million barrels per day.
"Waivers seem a sensible course of action", the third source said, referring to potential exemptions from the latest US sanctions.
Brent crude could return to $100 a barrel next year, or even sooner, Bank of America said, due to the ongoing collapse of Venezuelan output and risks to Iranian crude exports. Looking at reactions in markets, crude oil prices were higher following the EIA report. In late April 2018, daily spot prices for Brent crude oil reached 76 dollars per barrel, the highest level in almost four years.
A Saudi energy ministry official said that Saudi Arabia "will work with major producers and consumers within and outside OPEC to limit the impact of any supply shortages".
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