Oil extended gains by around 2% on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran's Islamic Revolutionary Guard Corps threatened to close "all other export
Oil extended gains by around 2% on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran's Islamic Revolutionary Guard Corps threatened to close "all other export corridors that benefit the U.S. and its allies".
Brent futures LCOc1 climbed $1.71, or 2%, to $86.44 a barrel at 0806 GMT. West Texas Intermediate futures CLc1 gained $1.43, or 1.8%, to $80.77 a barrel.
Oil prices settled up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas passed prior to the beginning of the Iran war.
"Regional energy exports are either shared by all, or denied to all," Iran's Islamic Revolutionary Guard Corps said in a statement carried by Iran's IRNA state news agency on Wednesday.
Analysts have said Iran has been signalling it may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most vital energy arteries at risk.
Hostilities between Iran and the U.S. reignited last week, fraying an already fragile truce reached in
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