Donald Trump has threatened Iran with a 48-hour ultimatum suggesting a bombardment of strikes may be imminent if Tehran fails to reopen the Strait of Hormuz.
More than a month into the US-Israeli conflict, the key shipping route remains blocked, disrupting oil and gas routes and fueling a devastating energy costs across the West.
In a post on his truth social platform, the US President said: "Remember when I gave Iran ten days to make a deal or open up the Hormuz Strait.
"Time is running out - 48 hours before all Hell will reign down on them. Glory be to God".
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Earlier this week, the President threatened to depart from Nato in light of a lack of support in freeing up the Strait, having previously called on allies to assist with warships in the region.
He urged Britain and Europe to "build up some delayed courage and go and take the Strait of Hormuz yourself" , and branded the transatlantic alliance a "paper tiger".
He has outlined his disgust with the bloc over what he considers a general lack of involvement in the Middle Eastern conflict.
Donald Trump warns 'time is running out' for Iran as he threatens to 'rain down all Hell' in 48-hour ultimatum
| REUTERSThe President has indicated that the US has nearly completed all of its military goals it had set out to accomplish - and said the war would be coming to an end soon.
He previously said: "I'm pleased to say these core strategic objectives are nearing completion.
"We are going to finish the job, and we're going to finish it very fast. We're getting very close".
Mr Trump confirmed US forces would continue to launch strikes against targets in Iran over the next two to three weeks.
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He pledged to strike Iran "extremely hard" over the coming weeks, claiming Iran’s offensive capabilities had been "essentially decimated".
With the Strait of Hormuz blocked, markets reacted sharply, with analysts noting the absence of a clear path towards de-escalation.
Brent crude closed 7.8 per cent higher at $109.03 per barrel, while West Texas Intermediate rose 11.4 per cent to $111.54, its highest level since June 2022.
The US benchmark yesterday recorded its largest single-day increase since early March.
The US previously requested the support of Nato allies to free up the Strait of Hormuz
| GETTYPhysical oil markets showed further strain, with Dated Brent, which reflects immediate supply, reaching $141.36 per barrel, its highest level since July 2008, according to S&P Global.
Traders said the moves reflected growing concern about supply disruption if the conflict continues.
Petrol prices in the US moved above four dollars per gallon by the end of March, with higher prices reported in some states.
Analysts also said increased energy costs are likely to feed through into wider prices, including food and transport.