FLASH
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Oil prices have reached $110 per barrel after President Donald Trump threatened Iran on social media.
According to reports, the price of Brent crude initially rose by 1.6%, reaching $110.85 per barrel, before retreating slightly during trading in Asia.
Meanwhile, U.S.-traded oil rose 0.3%, reaching $111.80.
The increase came as Trump piled more pressure on Tehran by threatening to hit Iran's bridges and power plants if the country did not back down on his threat against ships trying to pass through the Strait of Hormuz, a vital route for global oil trade.
Meanwhile, major Asian stock markets rose. Japan's Nikkei 225 index rose 1.6%, while South Korea's Kospi rose 0.9%.
US President Donald Trump says Iran has 48 hours to “make a deal” or open the Strait of Hormuz, or “all hell will break loose.” The White House chief’s warning comes on the 36th day of the US-Israeli-Iran war.
Iran appears to have responded to the threats with the words: "Remember that if the aggression expands, the entire region will turn into hell for you. The illusion of defeating the Islamic Republic of Iran has turned into a swamp where you will sink."
Despite the American president often repeating that the war is coming to an end and that the main objectives of the American-Israeli attack have been achieved, today marks another escalation.
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