DTN Oil Update
Crude Prices Up 1% as Iran Warns Gulf States on Attacks
SECAUCUS, N.J. (DTN) -- Crude and refined product futures were up 1% or more Thursday on reports that Iran had threatened to strike Gulf states hard unless they could convince the U.S. to end its war on Tehran.
The warning comes amid the slow pace in diplomatic efforts since fighting ceased two weeks ago and appears to portend another round of escalation in Middle East hostilities should the Trump administration react adversely to the call.
By 9:10 a.m. EDT, NYMEX WTI for September delivery was up $1.47, or 2.0%, at $76.69 bbl.
ICE Brent for October delivery rose $1.83, or 2.3%, to $81.28 bbl.
Among refined products, NYMEX ULSD for September delivery advanced $0.0122, or 0.4%, to $3.8084 gallon. September RBOB advanced $0.0480, or 1.8%, to $2.8868 gallon.
The U.S. Dollar Index rose by 0.134 points to 99.68 against a basket of currencies.
Renewed U.S. strikes on Iranian infrastructure will trigger retaliation against regional oil fields, power grids, refineries and water plants, Iranian Foreign Minister Abbas Araqchi was cited warning in a media report that also urged Gulf states to push the Trump administration to end the war.
The Iranian threat came after U.S. President Donald Trump's recent warning that Washington might target Iran's energy network.
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