Oil back above $110 after expletive-laden Trump threat to Iran

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Osmond ChiaBusiness reporter

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Global oil prices have risen back above $110 (£83.38) a barrel after US President Donald Trump threatened to destroy critical infrastructure in Iran unless it allows ships to cross the Strait of Hormuz.

On Monday morning in Asia, Brent crude rose by 1.6% to $110.85, while US-traded oil was up by 0.8% at $112.40.

In an expletive-laden social media post on Sunday, Trump said the US would attack power plants and bridges unless the crucial waterway is open by Tuesday.

Oil and gas shipments from the Middle East have been severely disrupted as Tehran threatens to attack vessels that try to use the strait in retaliation for US and Israeli airstrikes since 28 February.

Disruption to shipping in the narrow waterway, through which a fifth of the world’s energy shipments usually passes, has pushed up the price of energy around the world and raised concerns about higher inflation globally.

Trump has postponed several deadlines for Iran to remove its threats against ships using the strait but repeated his demands in the strongly-worded Truth Social post.

The paragraph below contains very strong language.

Trump wrote: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell - JUST WATCH! Praise be to Allah. President DONALD J. TRUMP”.

A few hours later, in a post on the same platform he said: “Tuesday, 8:00 P.M. Eastern Time!”

He told Fox News there was a “good chance” an agreement would be reached on Monday, but said he was considering “blowing everything up and taking over the oil” if a deal was not reached soon.

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