Data from the InterContinental Exchange showed open interest in calls that give the owner the right to buy Brent futures at $80 and $85 by next week grew by almost 45 per cent on Monday and Tuesday to an equivalent of 54 million barrels of oil.
US crude inventories fell last week for the fifth straight week by 2.1 million barrels, according to the Energy Information Administration's weekly data reported on Wednesday.
After languishing at less than 6million barrels of oil per month between 2000 and 2011, American oil production began rapidly increasing from 2012 onwards.
Trump said, adding that countries in the Middle East would not be "safe for very long" without protection from the United States. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas.
In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting that such tweets would probably continue with US midterm elections approaching.
The US sanctions were imposed by Trump in response to Iran's nuclear programme, which the White House says is created to produce weapons, an allegation Tehran denies.More news: Cleveland Browns win! End 19-game winless streak
Additionally, crude stocks at the Cushing, Oklahoma, futures delivery hub fell 1.25 million barrels, EIA data showed.
"It is hard for the US/Trump to complain, because it is the US' secondary sanctions on Iran that is driving the oil market tightness", analysts at Mizhuo Securities said in a note.
Oil prices moved upward on Wednesday after official data showed large draw in U.S crude oil and gasoline inventories and lower than expect build in distillates inventories, despite an increase in the USA weekly crude oil production.
Iran gradually increased its oil exports in 2016 and 2017 after its nuclear deal with world powers was implemented in January 2016 and its oil (including gas condensate) export revenues increased by 45% year-on-year in 2017, higher than the OPEC's average. However, that war is not having an impact on crude oil. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.
Finally, weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer. "It is humble enough to know it can't dictate the price of oil".