Brent crude was up 8 cents, or 0.1 percent, at $78.26 a barrel by 0338 GMT, after falling 2 percent on Thursday.
President Trump withdrew Washington in May from the landmark Iran nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA) reached between Iran and the P5+1 group of countries in 2015, and made a decision to re-impose unilateral sanctions against Tehran.
"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", said Hossein Kazempour Ardebili, according to the oil ministry's news agency SHANA.
"The looming supply gap that the loss of Iranian oil exports represents is still ahead of us and that early November United States deadline to reduced imports to zero is fast approaching". Only 3.60 million barrels per day was produced in the country, which represents the lowest in more than two years.
Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.
Indian officials, who are still negotiating with US counterparts, told the news outlet that the country hopes to secure waivers to allow some imports of Iranian oil to continue amid the sanctions.
Back in August, Kazempour Ardebili said the United States president has apparently been duped by Saudi Arabia into believing that the kingdom can replace Iranian barrels cut from the market.
India, Iran's No.2 oil client behind top buyer China, does not recognize the reimposed USA sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the USA financial system.
China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said, while U.S. President Trump said on Twitter he felt no pressure to strike a deal with China.
Earlier this week, U.S. light crude oil prices hit a high price of $70.50 per barrel. However, after crude oil prices increased in early 2016, investment and production began increasing later that year.
In a move strongly opposed by Iran, OPEC had agreed in June to boost crude output by about a million barrels a day, AFP said, as the threat of sanctions stoked supply concerns on world markets.