Oil prices have surged to their highest level in two months after Donald Trump threatened to impose a 25% tariff on good from countries trading with Iran.
The Telegraph reports prices were last up 0.7% at more than $64 a barrel after the president said the levies would be "effective immediately."
Writing on his Truth Social platform, Mr Trump said: "Any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America.
"This Order is final and conclusive. Thank you for your attention to this matter!," he added.
Oil has continued to climb as tensions continue to grow amid protests in Iran. As of this morning, at least 648 people have been killed by Iran’s security services and more than 10,600 have been arrested.
The tariffs follow Donald Trump's latest threat to ban ExxonMobil from Venezuela’s oil fields after its chief executive said the country was “uninvestable."
“I didn’t like Exxon’s response,” Trump said. “I’ll probably be inclined to keep Exxon out. They’re playing too cute.”