Market News

President Donald Trump on Monday threatened to destroy Iran's power plants, oil wells, Kharg Island, and potentially its desalination infrastructure if no ceasefire deal is reached, even as he claimed talks are moving in the right direction.

"Great progress has been made but, if for any reason a deal is not shortly reached...we will conclude our lovely 'stay' in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet 'touched,'" Trump posted on Truth Social Monday morning.

The post came roughly 30 days into the U.S. and Israel's joint bombing campaign against Iran, which has effectively shut down the Strait of Hormuz to most commercial traffic. About one-fifth of the world's oil normally moves through the strait.

With it largely closed, global energy markets have been under sustained pressure, Brent crude has pushed back above $115 per barrel as insurers pull back and tanker routes are rerouted or abandoned.