Trump, Iran spar over oil prices

WASHINGTON/LONDON - US President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Teheran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.

Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was "at it again".

Oil prices have risen around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started reducing supplies in 2017. The cartel will meet on June 22-23 in Vienna, and producers are seen as likely to raise production, perhaps before the limits are due to sunset at year-end.