Brent for December, in its last session before expiry, fell 44 cents to settle at $75.47 a barrel on the London-based ICE Futures Europe exchange.
Jahangiri further emphasized that the United States efforts to encourage Saudi Arabia to replace Iran's oil in markets were in vain, stressing that oil prices would nonetheless rise if Iranian supplies were to be cut off. The more-active January Brent contract fell 91 cents to end the session at $75.04 a barrel.
Oil has been caught up in broad financial market slumps this month, with stocks under pressure from the trade war between the world's two largest economies.
U.S. President Donald Trump said on Monday he thinks there will be "a great deal" with China on trade but warned that he has billions of dollars worth of new tariffs ready to go if a deal is not possible.
Crude oil trade is state-controlled in Iran.
Russian Energy Minister Alexander Novak said on Saturday there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit.
In North America, however, there is no oil shortage as U.S. crude oil production C-OUT-T-EIA has increased by nearly a third since mid-2016 to around 11 million barrels per day. One is led by National Security Adviser John Bolton, who wants the toughest possible approach, and another by State Department officials keen to balance sanctions against preventing an oil price spike that could damage the USA and its allies. "The second one is global economic growth momentum slowing down", said IEA chief Fatih Birol.
That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand.
The U.S. dollar index rose, supported by strong U.S. consumer spending data. Stockpiles were expected to have risen about 4.1 million barrels in the week ended October 26, an extended Reuters poll showed on Tuesday.
Despite that, Hansen said that, "given the yet unknown impact on Iran's ability to produce and export (amid sanctions) ... we could see some speculative buying emerge ahead of November 4".
While ongoing trade tensions between the world's two largest economies stoke concerns over global energy demand, traders continue to watch how much Iranian supply will be taken out of the market when US sanctions hit early next month.
State Department spokesman Robert Palladino told reporters that while the U.S.is seeking to reduce global purchases of Iranian oil to zero, Washington is in the midst of an "internal process" to provide waivers to countries that have made "significant" reductions to their purchases of Iranian oil.
This story has been published from a wire agency feed without modifications to the text.