OPEC has acted repeatedly to influence the price of crude oil via collective production targets, in order to protect the precious revenues of its membership. "We will remember. The OPEC monopoly must get prices down now!"
"The main culprit of the price hikes ... and the destabilisation of the market is Mr Trump and his disruptive and illegal policies", Zanganeh said on state television, after the USA president hit out at OPEC, accusing it of "ripping off the rest of the world".
"OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don't like it".
US West Texas Intermediate (WTI) crude futures were at $72.37 a barrel, up 29 cents, or 0.4 percent from their last settlement.
Trump said OPEC is "ripping off the world", in an address to the United Nations on Tuesday in NY. Iran is the third-largest producer in OPEC. "So far, we have made a decision to stick to our June agreements", Russia's Energy Minister Alexander Novak added.
Brent crude futures were last down 21 cents on the day at $81.66 a barrel by 0923 GMT, having risen to $82.55 on Tuesday, its highest since November 2014.
"This is the oil market's response to the OPEC and allies' refusal to step up its oil production", said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt.
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The sanctions eliminate 1.7 million barrels per day from the world's supply, causing some to panic about where prices could go, Jeff Mower, director of Americas Oil News for S&P Global Platts, told CNBC.
"The sanctions and the trade wars imposed by some powers will have an impact on the global economy and therefore on the oil market", Russian Energy Minister Alexander Novak said.
Oil producers from OPEC and Russian Federation met over the weekend but ruled out any immediate increase in output.
To reflect rising US oil exports, CME Group Inc said on Monday it will launch a WTI Houston crude futures contract in the fourth quarter.
However, oil prices rising is nothing new in the face of the global market.
To counter the recent falling supply from Iran, OPEC and other oil producers are considering to raise the output of crude oil by 500,000 bpd.
This session, ahead of the expected hike in US interest rates, oil traders will be waiting to see whether the official data from the US Department of Energy confirm the API figures.