US President Donald Trump blamed the global oil export organisation for high oil prices, but Iran retorted it was the US leader’s fault for suddenly pulling away from the nuclear deal with the country.

Mr Trump, on his favoured platform of Twitter, said “oil prices are too high. Opec is at it again. Not good!” in reference to the Organisation of Petroleum Exporting Countries, of which Iran, many middle eastern countries, five African nations, and Venezuela is part.

It was Iran’s Opec representative, Hossein Kazempour Ardebili who said in a statement to Reuters: "You cannot place sanctions on two Opec founder members and still blame OPEC for oil price volatility”.

"This is business, Mr. President - we thought you knew it,” Mr Arbeili quipped.

Oil prices have increased approximately 60 per cent over the last year after Opec and Russia, another exporter, began reducing supplies in 2017.

The Iran nuclear deal was signed largely in part because six countries including Russia, China, France, Germany, the UK, and US were willing to reduce sanctions in exchange for Tehran halting development of its nuclear weapons programme.

President Donald Trump states if Iran restarts their nuclear program there will be severe consequences

The US pulled away from the agreement and planned to issue new sanctions on Iran. Mr Trump has also penalised Venezuela, amid its political turmoil as President Nicolas Maduro has refused to leave office and honour election results.

He has also placed Venezuelan citizens on his latest iteration of the travel ban.

As a result of the US action on the nuclear deal, European and Asian clients have stopped importing Iranian oil and have even ceased doing business with it.

Saudi Arabia is the largest Opec producer, Iran’s rival, and already increased production of oil for the year. The country supported Mr Trump’s decision about the agreement, unsurprising given its royal family’s collegial relationship with him.

Iran parliament reacts after Trump's withdrawal from nuclear deal Show all 10 1 /10 Iran parliament reacts after Trump's withdrawal from nuclear deal Iran parliament reacts after Trump's withdrawal from nuclear deal Iranian MPs burnt a US flag in parliament after Donald Trump announced America's withdrawal from the nuclear deal. AFP/Islamic Consultative Assembly News Agency Iran parliament reacts after Trump's withdrawal from nuclear deal US President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House. Reuters Iran parliament reacts after Trump's withdrawal from nuclear deal Some Iranian MPs reacted after Trumps decision by shouting 'death to America'. AFP/Islamic Consultative Assembly News Agency Iran parliament reacts after Trump's withdrawal from nuclear deal Iranian lawmakers prepare to burn two pieces of papers representing the US flag and the nuclear deal. AP Iran parliament reacts after Trump's withdrawal from nuclear deal Iran said it will hold talks with signatories to the nuclear deal after Trump's decision to withdraw from the accord, which it branded "psychological warfare". AFP/Islamic Consultative Assembly News Agency Iran parliament reacts after Trump's withdrawal from nuclear deal Several Iranian MPs stood chanting in the Tehran parliament. AFP/Islamic Consultative Assembly News Agency Iran parliament reacts after Trump's withdrawal from nuclear deal Iranian MPs burning a US flag AFP/Islamic Consultative Assembly News Agency Iran parliament reacts after Trump's withdrawal from nuclear deal President Hassan Rouhani addressed the nation in a televised speech in Tehran. He said he'd send his foreign minister to negotiate with countries remaining in the nuclear deal after Trump's decision to pull America from the deal, warning he otherwise would restart enriching uranium "in the next weeks." Iranian Presidency Office via AP Iran parliament reacts after Trump's withdrawal from nuclear deal Iran's press condemned Trump's withdrawal from a multi-party nuclear deal but was divided over whether Tehran should react with patience or withdraw itself. AFP Iran parliament reacts after Trump's withdrawal from nuclear deal Trump announced the US withdrawal from what he called the "defective" multinational nuclear deal with Iran, and said Washington would reinstate sanctions against the Islamic republic. AFP/Getty

Russia is the world’s largest oil producer. It is not in Opec is a party to the nuclear deal, has also increased its production.

In the US, gasoline pump prices nationwide have risen to near $3 a gallon during the peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession.

Gasoline demand has remained strong, rising to an estimated 9.9 million barrels per day as of last week, according to US Energy Department data.

Separately, a bipartisan group of lawmakers in the House was pushing legislation that would subject Opec to US antitrust law and fight what the group called artificial production controls.

The measure would have to pass the full House and the US Senate before Mr Trump could sign it into law. Past presidents have not supported similar bills when they have been proposed.