The market will continue to react to "supply-driven risks", according to Darling, who also pointed to two of the key uncertainties on the supply side-the world's actual spare capacity and Saudi Arabia's actual ability to "really turn up the taps" this winter.
This would be a hugely controversial move as it would bypass the USA sanctions as nearly all world oil is traded using the dollar. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.
Zangeneh further said any country that makes claims about supplying the market with more oil to replace lost Iranian exports had no "determining impact" on the market, but would lead to short-term psychological outcomes.
Increasing tensions between the USA and Venezuela; the United States demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot.
The inaction by OPEC and Russian Federation at the end of September-and the growing evidence from tanker tracking data that Iran's oil exports have started to fall quicker than most market participants had been expecting-has emboldened bulls, and some analysts started to predict that the possibility of $100 oil as soon as year's end is not to be ruled out.
Canada concerned over reports Saudi journalist killed
But while the consulate says that Khashoggi left the premises the same day he visited, his fiancee says he never came out. A friend of Mr Khashoggi, Galip Dalay, told Sky News that he "personally got the news that he was killed two days ago" .
Bulgarian journalist Viktoria Marinova murdered
He also called on the Bulgarian government to do more about protecting the safety of journalists working in the country generally. Viktoria Marinova became the latest investigative reporter to be killed when she was found dead in Bulgaria over the weekend.
Fox hires former White House official Hope Hicks as communications director
She went on to work on Trump's transition team before officially joining the White House communications team in January 2017. Media mogul Rupert Murdoch will retain ownership of Fox, the new spin-off company that includes the cable news network.
Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.
India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver.
The US withdrew from a deal on Iran's nuclear program in May and will individually impose sanctions on Iran's crude oil consumers on November 4.
He emphasized that any arrangement for the sale of oil in the region "should be inclusive" and added, "If you exclude one country [and] make sure that one country's oil sale comes to zero, as President Trump wants, that would create problems for the whole region".
On the fall of crude price, oil watchers likened the cause on expectations that some Iranian oil exports will keep flowing despite US sanctions, easing a strain on supplies.
The official, speaking on the condition of anonymity, said the administration was "in the midst of an internal process" of considering exemptions for major cuts.