Crude Prices Up 1% as Iran Warns Gulf States on Attacks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude and refined product futures were up 1% or more 
Thursday (8/6) on reports that Iran had threatened to strike Gulf states hard 
unless they could convince the United States 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. ET, 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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