Oil prices started climbing again after US President Donald Trump reiterated threats to hit Iran "extremely hard" in the coming weeks and failed to give concrete details on how the war will end.
He said that the US would complete its strategic objectives for the war "very shortly" and spend the next two to three weeks bombing Iran "back to the Stone Ages".
Brent crude briefly surged past $109 a barrel and stock markets in the US, Europe and Asia fell following Trump’s address from the White House.
Oil shipments through the critical Strait of Hormuz waterway have mostly been halted after Iran threatened to attack tankers that try to cross in retaliation to US-Israeli strikes, which began on 28 February.
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