RoydadNaft –  Brent crude futures rose 69 cents (0.8%) to $85.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 73 cents (0.9%) to $80.07 per barrel.

According to Roydad Naft, oil prices rose around 1% after U.S. President Donald Trump reimposed a full naval blockade on all Iranian ports, prompting Iran’s Islamic Revolutionary Guard Corps (IRGC) to threaten closing “all other export corridors that benefit the United States and its allies.”

Brent crude futures gained 69 cents, or 0.8%, to $85.42 per barrel at 09:50 GMT. WTI futures rose 73 cents, or 0.9%, to $80.07 per barrel.

Oil prices closed up 2% on Tuesday at their highest level in a month, as attacks intensified disruptions in the Strait of Hormuz — a waterway that, before the start of the Iran war, carried roughly one-fifth of the world’s oil and liquefied natural gas.

In a statement published on Wednesday by Iran’s official news agency IRNA, the IRGC declared: “Regional energy exports are either shared by all or denied to all.”

Analysts say Iran has signaled it may use its Houthi allies in Yemen to close the Bab el-Mandeb Strait into the Red Sea, opening a new front against Washington and putting two of the world’s most vital energy arteries at risk.

Tensions between Iran and the United States flared again last week, undermining a fragile ceasefire reached in June after months of conflict.

Early Wednesday, the U.S. military launched a new round of strikes aimed at further degrading Iran’s capabilities used to attack commercial shipping in the Strait of Hormuz.

In an interview with Fox News aired Tuesday evening, Trump said: “I’m keeping energy targets for last, but we will eventually hit energy targets.”

UBS analyst Giovanni Staunovo said: “The U.S. naval blockade on vessels entering or leaving Iranian ports has tightened the oil market, especially given that Iran’s crude oil exports have averaged about 1.5 to 2 million barrels per day over the past two weeks.”

Goldman Sachs estimated in a note that Gulf exports had recovered to more than 80% of pre-war levels following the June U.S.-Iran understanding, but fell back below 50%, or around 11 million barrels per day, last week.

The bank said Brent could exceed $110 in the fourth quarter of this year if the recovery in Gulf exports remains stalled.

However, investors are avoiding excessive risk premiums on oil prices due to the back-and-forth headlines.

Ole Hansen, head of commodity strategy at Saxo Bank, said: “This is just part of the war games, and the market has learned to take a somewhat cool approach to some of these big announcements — simply because they often don’t fully materialize.”

Iran’s military announced early Wednesday that it had carried out drone attacks on U.S. positions at Al-Azraq base in Jordan. The Pentagon has not yet commented.

Meanwhile, the IRGC said it had targeted military facilities and depots in Bahrain and Kuwait.