Alongside Russia and other allied partners, OPEC is in the midst of a production-cutting deal designed to curb a global supply overhang and prop up prices.
The output controls have widely been viewed as a success, with several major global producers honing in on achieving their original aim of reducing industrialized oil nations' back to their five-year average.
Ahead of Trump's decision to impose fresh sanctions on Tehran, analysts had warned it could wipe out up to 1 million barrels per day of Iranian crude exports and heighten geopolitical tensions in the Middle East — estimated to be the home of around one-third of the world's daily oil supply.
In response, Saudi Arabia quickly sought to try to offset any potential slump in production levels as a result of the looming sanctions. State news agency SPA reported the kingdom would work with major producers and consumers within and outside OPEC to limit the impact the prospect of a supply shortage.
OPEC next meets to review output policy in Vienna on June 23. The cartel is widely expected to continue with its supply-cutting deal until at least the end of 2018.
"While it is still early days, the return to the sanctions era will reinforce upward price pressures and put Brent on a path to $80 a barrel," Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Wednesday.
Global benchmark Brent traded at $76.94 on Wednesday afternoon, notching highs not seen since late 2014, while U.S. West Texas Intermediate (WTI) stood at $70.95.