Global oil prices have jumped sharply above $110 (£83.38) a barrel, and major stocks were mixed Monday in Asia following Donald Trump’s expletive-laden social media post that threatened to bomb civilian infrastructure in Iran.
Brent crude rose by 0.7 percent to $109.80 while US-traded oil jumped by 0.8 percent at $112.40 as the markets opened Monday in Asia.
Japan’s Nikkei climbed 1.65 percent, South Korea’s Kospi advanced 2 per cent and India’s BSE Sensex Index was also up by 0.25 percent
Most Asian markets were closed for holidays as Australia, New Zealand, and Hong Kong celebrated Easter, while mainland China and Taiwan marked Qingming Festival, the tomb-sweeping holiday.
Gold declined by 1 percent to about $4,630 an ounce and silver tanked 1.5 percent to around $72 an ounce.
Trump Sunday escalated his threats to bomb Iran’s power plants in the next two days as he taunted the country’s leaders in an expletive-laden outburst for keeping the Strait of Hormuz closed.
The President issued a new ultimatum to Tehran to end its chokehold over the major Persian Gulf waterway for the transport of oil and gas by Monday.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran,” the President wrote on Easter. “There will be nothing like it!!! Open the F***in’ Strait, you crazy b*******, or you’ll be living in Hell – JUST WATCH! Praise be to Allah,” he wrote on Truth Social.
Trump later said in an interview to Fox News that there was a “good chance” an agreement with Iran would be reached Monday, but said he was still considering “blowing everything up and taking over the oil” if a deal was not reached soon.
Traders have now set their sight on Trump’s press conference “with the military” at the Oval Office at 1 p.m. Monday.
Iran has largely responded by posting taunting memes in English on X in an attempt to counter Trump’s frequent Truth Social posts on the war.
Senior Iranian military officer Ali Abdollahi Aliabadi dismissed an earlier deadline set by Trump as “helpless, nervous, unbalanced and stupid”, warning that “the gates of hell will open” for the U.S. leader.
The chokehold of the narrow waterway, through which one-fifth of the world’s energy shipments usually passes, has been severely disrupted as Tehran has warned countries against using the strait in retaliation for the U.S. and Israel’s attacks since February 28.
Iran has said the waterway would only reopen fully after Tehran’s demands, including compensation for the war, were met and warned of continued strikes on economic and infrastructure targets in the neighbouring Gulf region.
