The price of Brent crude climbed above $75 per barrel on Monday.
International benchmark Brent crude hit $75.10 per barrel mark at 1520 EST (19.20 GMT) for a daily gain of 1.3 percent.
American benchmark West Texas Intermediate climbed as high as $69.03 a barrel at 1545 EST (19.45 GMT), posting a daily increase of around 1 percent.
Iran's Oil Minister Bijan Zanganeh said earlier that high crude prices would create volatility in the global oil market, which would then hurt OPEC.
"High oil prices, even in the mid-term, would destabilize the prices and put pressure on OPEC's interests," Zanganeh was quoted as saying by Iranian news agency Shana.
He also stated that if prices maintain high levels, it would not be necessary to extend the production cut deal between OPEC and some non-OPEC countries beyond the end of this year.
OPEC will hold its next meeting on June 22 in Vienna, Austria. It is still unclear whether the cartel will extend the production cut agreement into 2019, after it expires at the end of this year.
The U.S. President Donald Trump slammed OPEC on Friday, and claimed that the cartel was keeping crude oil prices high.
"Looks like OPEC are at it again. With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.
Zanganeh, on the other hand, said Monday that Trump's remarks were "dubious."
"Mr. Trump favors increasing prices so that he can ramp up U.S.' crude and tight oil output as well as the country's tax income to generate more jobs," Zanganeh said, according to Shana.
"On one hand, Mr. Trump tries to improve the price of oil; on the other hand, he blames OPEC for the upward trend of prices which do not have to do with the organization," he added.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr