Oil Climbs After Trump Ultimatum

(RTTNews) - Oil prices surged on Monday as the war between the United States and Iran's regime entered an unprecedented phase, escalating fears of a wider regional conflict and raising concerns over disruptions to the global supply chain.

Benchmark Brent crude futures were up nearly 2 percent at $108.38 a barrel while WTI crude futures rose by 0.8 percent to $98.97.

U.S. President Donald Trump has threatened to "hit and obliterate" Iran's power plants if Tehran does not reopen the Strait of Hormuz— a vital artery for global energy flows — within 48 hours.

Tehran warned of retaliation, threatening to close the strait and target energy infrastructure and desalination facilities in the Gulf if the U.S. carries out its ultimatum.

Any attacks on the country's power plants would "immediately" be met with retaliatory strikes on energy and oil infrastructure across the region, Iran's Parliament speaker Mohammad Bagher Ghalibaf said.

Ghalibaf also said entities that finance the U.S. military budget are "legitimate targets" for the country, alongside military bases.

Iran's Natanz nuclear enrichment facility was hit in an airstrike Saturday. Two Iranian strikes on towns near Israel's main nuclear research center injured more than 100 people.

Late last week, CBS reported that Pentagon officials have drawn up detailed preparations for deploying U.S. ground troops into Iran.

Axios reported that the Trump administration is mulling a forced takeover of Iran's Kharg Island.

The Wall Street Journal reported that the Pentagon is deploying three more warships and thousands of additional Marines to the Middle East.

Trump suggested in an interview with MS Now's Stephanie Ruhle that the U.S. would continue to attack Iran until they can "never rebuild." Trump later told reporters he is not interested in a ceasefire with Iran.