Oil prices rose early Thursday after U.S. President Donald Trump threatened what he called unprecedented economic warfare against Iran and penalties for countries supporting Tehran, while the United Arab Emirates suspended trade and financial transactions with the Islamic Republic. Brent crude futures, the international benchmark, gained 1.59% to $93.08 a barrel as of 4:19 a.m. ET, while September U.S. West Texas Intermediate futures rose 1.63% to $87.23. Trump said Iran had rejected an opportunity to reach a deal and warned of consequences for cash transfers, currency swaps and shipping registries that provide Tehran with a lifeline. The UAE's move followed its statement that two ballistic missiles had been launched toward its territory from Iran, allegations denied by Iranian foreign ministry spokesperson Esmail Baghaei. The developments add pressure to Iran, which already faces U.S. economic sanctions, and raise concerns about disruptions to its discounted crude exports to major Asian buyers. The market impact will depend on the extent of enforcement, the availability of alternative supplies and OPEC+ production decisions, while traders also monitor the risk of further regional escalation and the weakening prospects for a renewed ceasefire agreement.