The Brent price has gained more than 35 percent and WTI jumped 40 percent since the beginning of the year, after OPEC and other non-member producers led by Russian Federation, an alliance known as OPEC+, agreed on production cuts to bolster crude prices.
Benchmark Brent crude rose as much as 1.7% on Monday, and traded up 0.5% at $72.58/bbl as of 10:40 a.m.in London.
USA officials have said it's "highly likely" the attack came from Iran.
Iran's oil exports are expected to be further restricted in months to follow as a result of nonrenewable waiver policy of the U.S. that had previously allowed Iran to continue selling oil to some countries.
Opec+ representatives are due to meet in Vienna on June 25-26 for their next oil policy meeting. "We saw the data from the U.S. week after week, and they are massive increases, so obviously (there is) supply abundance", he added.
Over the recent weeks, Washington has ratcheted up pressure against Tehran with a series of sanctions, designations and military threats, following Washington's year-long campaign against Iran after US exit from the landmark Iran nuclear deal in May last year. "We will definitely be responsive and the market will be supplied", Falih said.
US crude inventories rose unexpectedly last week to their highest since September 2017, Energy Information Administration data showed.
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Prior to that, the minister reported another incident near the UAE in the vicinity of the Fujairah port as four vessels were targeted in a "sabotage attack".
US President Donald Trump has issued a new threat to Tehran, tweeting that a conflict would be the "official end" of Iran, as Saudi Arabia warned it stood ready to respond with "all strength" and it was up to Iran to avoid war.
Washington has tightened economic sanctions against Iran, trying to cut Tehran's oil exports to zero, and beefed up the USA military presence in the Gulf in response to what it said were Iranian threats to United States troops and interests.
OPEC's agreed share of the cuts is 800,000 bpd, but its actual reduction is far larger due to the production losses in Iran and Venezuela.
Speaking to state news agency IRNA at the end of a visit to China on Saturday, Zarif said Trump "does not want war, but the people around him are pushing him towards war under the pretext of making America stronger against Iran".
WASHINGTON, President Donald Trump today said it is a "good thing" if Iran is confused by U.S. policy.
Iranian officials have denied involvement in the tanker attacks, saying Tehran's enemies carried them out to lay the groundwork for war against Iran.
Sunday's meeting comes amid soaring Gulf tensions after the mysterious sabotage of several tankers off the Emirati coast and drone attacks claimed by Yemen's Houthi rebels, which shut a key Saudi crude pipeline.