Prices spiked earlier in the week on an announcement that the United States was ready to sanction any country that buys any amount of oil from Iran - a threat that the Trump administration backed away from last November.
"The domestic refineries benefit from the higher credit period of 60 days offered on Iranian oil compared to 30-day credit period typically offered by other suppliers", pointed out Abhishek Dafria, vice-president and co-head at ICRA. USA crude has soared 44 % a year so far. With the six-month period set to end on May 2, 2019, the United States on Monday ended speculation on whether waiver extensions were in the offing by declaring that it will end all Iran-sanction waivers once the deadline runs out.
On Monday, the US has announced that all waivers on the sanctions imposed on Iranian oil will be eliminated from May 1.
"I believe they (Saudi Arabia and the UAE) are overstating their oil capacities", Zanganeh said.
Price offerings for several Angolan streams, an approximate alternative to Iranian and Venezuelan crude, were at their highest ever, traders said.
"The US behaviour and oil sanctions are not a bluff, but (the result of) very violent hostility towards the Iranian nation", Zanganeh was quoted by IRNA as saying.
The eight patrons are China and India - Iran's most significant clients - in addition to Japan, South Korea, Italy, Greece, Turkey, and Taiwan.
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"The U.S. president clearly on-boarded the Saudis before tightening the screws on Iran", said Stephen Brennock, an analyst at PVM Oil Associates Ltd.in London.
Russian President Vladimir Putin said on Saturday he hoped Iranian oil exports would continue despite Washington's efforts to stop them.
Russia's assurances it will resume normal oil flows to eastern Europe in two weeks after a chemical contamination also allayed concerns about supply.
"Oil's finding its place between $60 and $65 and the range seems to be about right as supplies are still looking tight, while there are limitations for an additional rally", said Ahn Yea Ha, a commodities analyst at Kiwoom Securities Co.in Seoul.
Some countries had received waivers to continue oil trade with Iran but now Washington says no more waivers will be issued anymore.
A White House statement said that Saudi Arabia had agreed to "take timely action to assure that global demand is met as all Iranian oil is removed from the market".