Oil prices jumped around 2 percent on Monday as reduced Iranian crude exports tightened global supply and oil producers led by Saudi Arabia and Russia signaled that they did not see any rush to increase output.
Benchmark Brent crude was up 2.4 percent at $80.11 a barrel after hitting as high as $80.47 earlier in the day. U.S. light crude futures were up 1.84 percent at $72.08.
"I do not influence prices," Saudi Energy Minister Khalid al-Falih said on Sunday, days after Trump called on the OPEC countries to lower prices.
Analysts expect prices to rise towards $100 per barrel by 2019 as U.S. sanctions against Iran tighten markets.
U.S. President Donald Trump's tweeting habits are lifting oil prices, and the U.S. leader should stop posting on social media to alleviate the spike in prices, media reports quoted one Iranian official as saying.
JPMorgan says that a drop in Iranian crude exports could lead to a loss of 1.5 million bpd and lift prices to $90 per barrel. The risk that Trump's sanctions misfire is "tough to calibrate," the bank said.
Commodity traders Trafigura and Mercuria expect oil prices to rise to $100 in early 2019.
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