More fighting, more attacks and threats and more oil gains

Crude oil prices rose more than 3% Wednesday as the U.S. and Iran exchanged attacks in continued fighting.

President Trump issued another warning over the threats to multiple shipping corridors in the Gulf as Iran’s attacks have put a stranglehold on the movement of crude oil from the Middle East oil producers.

“From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran,” President Donald Trump said on his Truth Social service in the morning.

The leader of the Iranian Parliament warned “no infrastructure will be safe” in the Middle East if President Trump carries out his threat to bomb a bridge or power plant for each vessel Iran targets in the Strait of Hormuz.

Brent crude expiring in September closed up 3.6% or nearly $3 at $94.32 a barrel.

West Texas Intermediate crude gained 3.3% or nearly $2.30 to finish at $87.74 a barrel on the New York Mercantile Exchange.

Additionally, government data showed U.S. crude oil inventories, including commercial and emergency stocks, fell for a fifteenth straight week.