Iran says the hostile policies of US President Donald Trump are to blame for the rising prices of crude oil in international markets, rejecting his Wednesday attack against the Organization of the Petroleum Exporting Countries (OPEC) for the current supply situation.
Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund's chief for the Mideast said as the organization issued a new report on Wednesday showing weak economic growth in the region.
Oil prices fell over one percent on Monday after the US dollar jumped, with markets pressured as Iraq's production rose and as Iran said it would only cooperate in talks to freeze output if fellow exporters recognized its right to fully regain market share.
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.
Lufthansa announced on Thursday that low oil prices had sent its profits soaring in 2015. Figures release by the airline showed that net profit rose to €1.7 billion ($1.9 billion) in 2015, from just €55 million a year earlier.