The price of oil hit nearly $117 (£89) a barrel on Monday as Donald Trump threatened to “blow up” and “completely obliterate” Iranian electricity plants, oilwells and its export hub Kharg Island if it did not agree to a deal.
Brent crude rose after the US president wrote on his social media platform Truth Social that if a deal was not agreed and the strait of Hormuz was not reopened, the US would take further action.
