Iran War: Trump Threatens 'Fire and Fury' Over Strait of Hormuz

Global energy markets faced renewed uncertainty on March 10 as President Donald Trump threatened "death, fire and fury" if Iran blocks the Strait of Hormuz, while Tehran vowed to halt all oil exports from the region until US and Israeli attacks cease.

Defense Secretary Pete Hegseth announced that the day would bring the "most intense" US strikes inside Iran to date, even as Trump offered conflicting signals about the conflict's duration. The president described the war as a "short-term excursion" that is "very complete, pretty much," but also warned of hitting Iran "twenty times harder" if oil flows are disrupted.

Iran's Revolutionary Guard responded defiantly, stating it will not allow "even one liter of oil" to leave the Middle East as long as attacks continue. The Strait of Hormuz, through which approximately 20% of global oil passes, has seen shipping drop 95% in the first week of March, according to S&P Global, as insurers cancel war-risk coverage.

Markets showed volatility amid the uncertainty. US crude prices fluctuated from $119 to $86 per barrel following Trump's comments, while Asian markets recovered some losses, with South Korea's Kospi gaining 4.8%. G7 nations discussed potential releases from emergency oil stocks to stabilise prices, which have driven US petrol to $3.48 per gallon.