I told Saudi king he wouldn't last two weeks without United States support

US President Donald Trump speaks during a

"Iran is the main supportive factor and is a test to the spare capacity of Saudi Arabia", said Petromatrix analyst Olivier Jakob.

Brent crude LCOc1 rose $1.49, or 1.8 percent, to settle at $86.29 a barrel, after hitting $86.74, its highest since October 30, 2014.

Trump has yet to demand payment for keeping USA troops in the oil-rich region, but the United States president did urge them to lower oil prices in return for security last week. But I said 'King - we're protecting you - you might not be there for two weeks without us - you have to pay for your military, ' said Trump at a rally in Southaven, Mississippi, on Tuesday.

"When you have wealthy countries like Saudi Arabia, like Japan, like South Korea, why are we subsidising their military?" asked Trump, who pushes an aggressive "America first" policy on trade.

Donald Trump has criticised Opec on several occasions this year, most recently last month, urging the oil cartel to "get prices down now".

Trump continued the pressure campaign at a campaign rally in MS on Tuesday, where he offered some details about the conversation.

Trump did not say when he made those remarks to the Saudi monarch.

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Oil prices remain firm on Iran sanctions, with both West Texas Intermediate crude oil, the US benchmark, and Brent crude, the global benchmark, trading at multiyear highs.

Washington wants to cut Iran's oil exports to zero by November, and is encouraging producers such as Saudi Arabia, other OPEC members and Russian Federation to pump more to meet the shortfall. The record high for Saudi output is 10.72 million bpd in November 2016. The price hit $85.45 on Monday, its highest since November 2014. The average price for a gallon of regular gasoline in the U.S.is $2.88, up from $2.55 a year ago, according to AAA.

While the U.S. does not have any military bases in Saudi Arabia, neighboring Qatar hosts a large American contingent at Al Udeid Airbase.

Trump criticized oil producers in his speech before the U.N. General Assembly last week. "Nobody should like it", he said.

"They'll pay us. The problem is nobody ever asks".

He further added, "we defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices". Not good. We want them to stop raising prices.

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