Trump's Iran Ultimatum Escalates, Oil Prices Soar

ET deadline for Iran to open the Strait of Hormuz or face attacks on its infrastructure, causing oil prices to skyrocket as Iran retaliated with threats against US allies' oil and gas infrastructure. Trump declared on Truth Social that "a whole civilization will die tonight" if Iran failed to comply, threatening "Power Plant Day, and Bridge Day." This ultimatum followed earlier warnings to "Open the F—in’ Strait," a critical chokepoint for over a fifth of the world’s seaborne oil.

Special envoys Steve Witkoff and Jared Kushner had been negotiating, with Trump previously pausing strikes due to perceived progress, but he expressed doubts after Iran requested five more days for a deal. Secretary of War Pete Hegseth confirmed increased military pressure, stating "Today will be the largest volume of strikes since day one." US forces conducted targeted strikes against Iran’s Kharg Island, which handles approximately 90% of its crude exports, prompting Iran's Revolutionary Guard to threaten retaliation against US and allied oil and gas infrastructure.

Trump dismissed critics' concerns that strikes against civilian infrastructure could constitute war crimes.