Iran, however, says that they intend to try to circumvent the U.S. ban with new rules to make it easier to export oil.
"Don't forget the one negative to the Iran deal is that you lose a lot of oil, and they got to make up for it". That's led to higher prices at gasoline pumps in the U.S.as it heads toward midterm elections for Congress.
He explained that it was hard to anticipate how the market would integrate with a possible increase in crude oil output from major producers, referring to Saudi Arabia and Russian Federation.
"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said. "Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.
The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.
In May, the USA retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets. Three members of the Organization of Petroleum Exporting Countries - Libya, Iran and Venezuela - are posting real, or have expected, production declines.
Asked whether someone was manipulating oil markets, Trump said: "100 percent".
Samsung Messages app randomly sends photos to phone contact list
Affected individuals say their phones have started sending messages to one of their contacts with their full photo gallery. Samsung says it is investigating the issue, which may be caused by an update to the texting app Samsung Messages .
The price of USA crude rose to its highest price since 2014 this afternoon before sharply falling, sparking panic and warnings.
Saudi Arabia, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.
The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.
Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past.
The president also had tough words for other U.S. allies.
Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.
The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks". Off-topic, inappropriate or insulting comments will be removed.