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

Donald Trump threatened to destroy critical infrastructure in Iran unless it allows ships to cross the Strait of Hormuz. 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. Trump wrote on Sunday: "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!"

Oil prices rose above $110 (£83.38) a barrel. 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. Oil prices rose above $100 a barrel last week after Trump intensified threats against Iran, warning that US airstrikes over the next few weeks would send the country "back to the Stone Ages". Tehran claimed responsibility on Sunday for a wave of strikes on petrochemical plants in Kuwait, Bahrain and the United Arab Emirates. The Iranian Revolutionary Guard Corps (IRGC) warned on Monday that its attacks against US economic interests would be intensified if civilian infrastructure in its country continues to be targeted.

Opec+ agreed a small increase to crude output in May. The 206,000 barrels a day production hike will largely exist on paper only as several of the group's key members are unable to increase output due to the conflict. Trump told Fox News there was a "good chance"