Oil prices extend gains as Trump sharpens rhetoric on Iran

Oil prices extended gains on Tuesday as US President Donald Trump heightened his rhetoric ​against Iran, threatening stronger action if the country fails to reopen the Strait of Hormuz, a key global ‌oil transit chokepoint. Brent crude futures rose 57 cents, or 0.5%, to $110.34 a barrel by 1202 GMT, while US West Texas Intermediate crude futures were up $1.26, or 1.1%, at $113.67. Trump, has threatened to rain “hell” on Tehran if it fails to comply with his deadline of 8 p.m. EDT Tuesday to reopen ​the strait. “They could be taken out,” Trump warned, pledging further action if a deal is not reached. Responding to a ​US proposal through mediator Pakistan, Tehran rejected a ceasefire and said a permanent end to the ⁠war was necessary, and pushed back against pressure to reopen the strait.