Donald Trump again hints at TAKING OVER Strait of Hormuz in bid to cool skyrocketing oil prices

The conflict in the Middle East has rattled global markets, with the cost of Brent crude oil prices continuing to fluctuate wildly, hitting a peak of $118.60 (£90).

By 3am in the UK, it was on the rise again, sitting at just under $99.

However, experts have warned the worst could be yet to come.

Tehran has largely shut down oil transport through the Strait of Hormuz - which sees roughly one-fifth of all oil exports pass through - since the conflict began.

On Tuesday, Iran's Islamic Revolutionary Guard Corps warned it would block oil shipments from the Gulf unless the strikes from the US and Israel come to a halt.

It vowed to not let through “a litre of oil” through the strait.

On Wednesday morning, oil prices shot up once more after the United Kingdom Maritime Trade Operations (UKMTO) reported that a cargo vessel had been struck by an unknown object in the strait.

Despite the uncertainty in the waterway, Mr Trump has insisted "the straits are in great shape".

He told reporters on Wednesday: "We're just riding free range over that country, and now we're going to look very strongly at the straits."

The assertion comes after he teased that the US was "thinking about taking it over" earlier this week.

In addition to the potential takeover, the Trump administration has unveiled other measures in a bid to ease the skyrocketing oil prices.

The Department of Energy announced on Wednesday that the US would release 172 million barrels of oil from the US Strategic Petroleum Reserve in a bid to stabilise the markets.

More than 30 member nations of the International Energy Agency have agreed to release a total of 400 million barrels of oil and refined products from their national reserves, according to Energy Secretary Chris Wright.

The widespread freeing up of reserves will begin from next week, the Trump administration official confirmed.

However, a spokesman for the IGRC warned the US it would "not be able to artificially lower the price of oil".

The elite military force said to "expect oil at $200 (£149) per barrel".

The spokesman added: “The price of oil depends on regional security, and you are the main source of insecurity in the region.”

On Tuesday, oil and gas prices briefly fell sharply after Mr Trump declared that the war was "very complete, pretty much".

However, the President appeared to walk back on the remarks just hours later, affirming the US "will not relent until the enemy is totally and decisively defeated" and warning it "could go further".

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