Crude oil prices inched up on Thursday after Iranian Security Chief Mohsen Rezaee warned that Tehran would target U.S. military bases across Europe and the Middle East if Washington launches another round of strikes against Iran.

'No Safe Distance,' Warns Rezaee

Taking to the social media platform X on Wednesday, Rezaee said that should there be "another war against Iran," all of the military bases "involved in the aggression—from West Asia to Europe—will be a legitimate target for Iran's lethal strikes."

"NO SAFE DISTANCE. NO SAFE HAVEN. NO IMMUNITY," he added.

Separately, the United Kingdom Maritime Trade Operations Center (UKMTO) reported an incident in the Strait of Hormuz on Wednesday that involved a tanker in the waterway. "The status of crew, damage assessment, and environmental impact are unknown at the time of this report," the agency said.

Ghalibaf Issues Strait of Hormuz Warning

The comments come as Iran's Parliament Speaker and Chief Negotiator Mohammad Bagher Ghalibaf warned that the Strait of Hormuz will never return to the status tankers enjoyed before the ongoing war in Iran, saying that the maritime administration of the waterway is under Tehran and Oman.

Meanwhile, Obsidian Risk Advisors' Managing Principal Brett Erickson warned that oil was "underpriced" and "oversold" on renewed hopes of de-escalation between Washington and Tehran. Erickson said that oil prices could go higher as the war with Iran was not "out of the woods" yet.

Oil, Gas Movement

Gas prices fell further as the American Automobile Association (AAA) data showed the national average price of gas on Wednesday to $3.9429/gallon. Diesel prices also fell on Wednesday, with the national average at $6.1306/gallon.

At press time, the West Texas Intermediate (WTI) futures expiring in December rose 0.62% to $87.07. Meanwhile, Brent futures contracts expiring in January gained 0.56% to $93.28 at the time of writing this article.

The ProShares Ultra Bloomberg Crude Oil (NYSE:UCO) gained 1.19% to $51.68 during overnight trading on Wednesday. The United States Oil Fund (NYSE:USO) ETF also recorded a 1.11% uptick to $143.04 during overnight trading.