Iran makes more threats and oil prices gained 1% Wednesday

As Iran announced it would create an offensive in the growing tensions in the Middle East and the United Arab Emirates suspended all financial and economic transactions with the country, crude oil prices rose again on Wednesday.

Both Brent crude and West Texas Intermediate crude closed at their highest since July 24.

Brent crude closed at $91.62 a barrel with a gain of 60 cents or 0.7%.

WTI finished up 89 cents or 1.1% at $85.83 a barrel on the New York Mercantile Exchange.

Reuters reported Iran is eyeing military targets in Europe if Trump escalates the war, the Financial Times reported, citing sources.

The oil market remains focused on the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas supplies passed before the U.S.-Israeli war on Iran began at the end of February. Only six commodity vessels crossed the strait on Tuesday, Kpler data showed by 0258 GMT, down from nine a day earlier.

A temporary ceasefire agreement expired on Monday and a senior Iranian official told Reuters his country was moving to a “fully offensive” military posture due to the diplomatic stalemate. There were no reports of strikes by either side on Tuesday.

Natural gas fell $0.002 or 0.07% to close at $2.774 MMBtu in Wednesday’s trading.

Most Oklahoma energy stocks finished down at the end of Wednesday’s trading. NGL Energy Partners fell nearly 3% but on the plus side, Empire Petroleum Corp rose nearly 3.5%.

Alliance Resource Partners LP