“We are concerned about Iran's lack of cooperation with the international community on its nuclear program and ballistic missile development,” said Saudi Arabia’s King Salman bin Abdulaziz while addressing the kingdom's advisory Shura Council on late Wednesday.

Also read: Saudi Oil Minister: Oil output could drop 30% due to lack of capex

Additional quotes

Kingdom hopes Iran will change its "negative" behavior in region and choose dialogue and cooperation.

The stability and balance of the oil market is a cornerstone of Saudi energy policy, it is important that all producers comply with the OPEC+ agreement which is essential for oil market stability.

Market reaction

The news joined upbeat oil inventory data to help propel the WTI crude prices to a fresh monthly high of $77.20, around $76.40 during the early Asian session on Thursday.

Read: WTI steady above the 50-DMA at $76.30s