"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday.
The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.
"There is little confidence in the market that we're going to escape an ever-tightening supply and demand balance now".
"We're not granting waivers", the official said.
Iran, however, said it would be tough to erase its oil completely from the market by November, when US sanctions snap back into place.
Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.
On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member.
Spain legend Iniesta retires after 'saddest day'
It was the classic "tiki-taka" style that led to a World Cup title in 2010, bookended by a pair of European Championships. Hernandez is 38 and left the national team after Spain's first-round elimination in 2014.
On May 8, President Donald Trump officially withdrew the US from the UN-endorsed nuclear agreement and threatened Iran with worst sanctions. "We do not know how the market will react but prices will surely decrease".
Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.
"Since Venezuela and Libya failed to produce, OPEC countries chose to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".
Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter. It also highlighted that the oil ministry's order to refiners "to prepare for drastic reduction or zero import of Iranian oil from November" was passed a day after U.S. ambassador to UN Nikki Haley visited India.
Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past.
The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks".