Iran threatens to send price of oil soaring - as Trump sets deadline for reopening Strait of Hormuz to all shipping

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Trump threatened to attack Iran’s power plants over their decision to only allow "non-hostile countries' through the shipping lane - where a fifth of global oil and liquefied natural gas ‌normally transits.

Iran has blocked the Strait of Hormuz, one of the world's busiest oil shipping channels, since the US and Israel attacked the country on 28 February.

Writing on Truth Social on Saturday night, Mr Trump said: "If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!"

On Sunday evening, the Prime Minister held a phone call with President Trump about the need to reopen the Strait of Hormuz.

A Downing Street spokesperson said: "The Prime Minister spoke to the President of the United States, Donald Trump, this evening.

"The leaders discussed the current situation in the Middle East, and in particular, the need to reopen the Strait of Hormuz to resume global shipping.

"They agreed that reopening the Strait of Hormuz was essential to ensure stability in the global energy market.

"They agreed to speak again soon."

On Monday, Sir Keir will chair a Cobra emergency meeting to discuss how the Government could target support to poorer households to protect them from large rises in their energy bills triggered by the war.

There are increasing concerns about how the Iran conflict could affect the cost of living, and the Government is keen to deter people from panic-buying fuel.

Cabinet ministers are expected to join Sir Keir, including Chancellor Rachel Reeves, Foreign Secretary Yvette Cooper and Energy Secretary Ed Miliband, as well as the governor of the Bank of England.

As well as the economic impact of the crisis, they will discuss energy security and the resilience of industry and supply chains alongside the international response.

Following the threat, Tehran said it would target energy and oil infrastructure.

President Masoud Pezeshkian said Iran will “firmly confront delirious threats on the battlefield”.

In a post on X, Pezeshkian said Iran will “firmly confront delirious threats on the battlefield”.

The Strait of Hormuz “is open to all except those who violate our soil”, he added.

Iran's parliament’s speaker, Mohammad Bagher Ghalibaf, warned prices would “rise for a long time”.

The Revolutionary Guards said the Strait of Hormuz would also be “completely closed” if Trump followed through with his threat to “obliterate” Iran’s power plants.

Responding to Iran’s threats, the US President told Israeli media on Sunday night: “You’ll find out soon what will happen with the ultimatum on the power plants – the outcome will be very good.”

He added “there will be a total destruction of Iran and it’s going to work great”.

The crisis has triggered fears of a cost of living emergency in the UK that could push fuel prices to new highs.

Speaking on Sunday, Netanyahu urged European leaders to join Israel and the US in the wake of missile attacks at Diego Garcia.

The attacks, which took place on Friday, missed their target - with one ballistic missile failing and the other being intercepted by US defence systems.

"They have the capacity to reach deep into Europe," Netanyahu warned.

"They are putting everyone in their sights," he continued."It's time to see the leaders of the rest of the countries join up."

"I'm happy to see that some of them are moving in that direction, but more is needed."