According to CNBC, oil prices moved higher early Thursday after U.S. President Donald Trump vowed "economic warfare" on Iran and financial penalties for its supporters, while the United Arab Emirates said it was suspending trade with Tehran. Brent crude futures rose 1.59% to $93.08 per barrel as of 4:19 a.m. ET, and U.S. West Texas Intermediate futures for September delivery were up 1.63% at $87.23 in morning trade. In a Truth Social post, Trump said he had given Iran a chance to make a deal and warned of "TREMENDOUS Economic Consequences" for any country that provides a lifeline to the Islamic Republic, including cash transfers, currency swaps and shipping registries. The UAE said Wednesday it was halting all trade and financial transactions with Iran after saying it came under fire from the country on Tuesday. Iran's foreign ministry spokesperson Esmail Baghaei denied the strikes.