OIL PRICE CRISIS: Prices PLUMMET as experts warn of imminent 'OIL SHOCK’

Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

These moves follow US President Donald Trump's decision in May to withdraw the United States from the Iran nuclear deal, formally known, as the Joint Comprehensive Plan of Action, which removed sanctions against the Islamic Republic in exchange for curbs on its nuclear program.

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.

El sufrimiento de Pekerman en los penales entre Colombia e Inglaterra
La defensa más joven del torneo se desenvolvió con solidez frente al temible Harry Kane , compañero de Davinson en el Tottenham . Inglaterra se metió en cuartos de final de la Copa del Mundo tras eliminar a Colombia en la tanda de penales .

The Trump administration vowed to stick with its pressure campaign against Iran on Monday, affirming its strategy to change Tehran's behavior by gutting its oil revenue and isolating the country globally.

Iran vowed Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market. Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters. "OPEC is and they better stop it because we're protecting those countries, many of those countries". Trump's tweet, however, mentioned no time frame for the additional 2 million barrels - whether it meant per day or per month.

The Kingdom, 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.

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. "We want to work with these countries to build a strong global effort", he said.

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