Arabic version: ارتفاع أسعار النفط بعد تهديد ترامب لإيران

Global oil prices have risen back above $110 a barrel after US President Donald Trump threatened to destroy critical infrastructure in Iran unless it allows ships to cross the Strait of Hormuz. According to BBC News, Brent crude rose by 1.6% to $110.85, while US-traded oil was up by 0.8% at $112.40 on Monday morning in Asia.

In an expletive-laden social media post on Sunday, Trump warned of attacks on power plants and bridges unless the crucial waterway is open by Tuesday. The threat comes as oil and gas shipments from the Middle East have been severely disrupted due to Iran’s retaliation against US and Israeli airstrikes since 28 February.

The Strait of Hormuz is a critical waterway, through which a fifth of the world’s energy shipments usually passes. The recent geopolitical tensions have pushed up the price of energy around the world and raised concerns about higher inflation globally.

In response to the escalating situation, the Iranian Revolutionary Guard Corps (IRGC) has warned that its attacks against US economic interests would be intensified if civilian infrastructure in Iran continues to be targeted. Meanwhile, Opec+ agreed to a small increase in crude output for May, but the actual impact may be limited due to the ongoing conflict.

Trump’s statements have drawn sharp criticism from Iranian officials, with military officer Gen Ali Abdollahi Aliabadi dismissing them as “helpless, nervous, unbalanced and stupid.” The situation remains volatile as both sides prepare for potential further escalations.