Oil prices have topped $116 a barrel as Donald Trump has said he could "take the oil in Iran".
The US president made the comment during an interview with The Financial Times, as he also indicated he could seize Kharg Island with thousands of American soldiers deployed to the Middle East.
Trump said it would be his "preference" to "take the oil" and compared the war to the situation in Venezuela where the US has revealed plans to control the country's oil industry following the capture of President Nicolás Maduro.
He said: “To be honest with you, my favourite thing is to take the oil in Iran but some stupid people back in the US say: ‘why are you doing that?’ But they’re stupid people.”
Meanwhile, the price of oil reached $116.75 overnight, The Times reports, as the war continues.
The arrival of more US troops in the Middle East and further attacks by Houthis in Yemen has added to concerns of a prolonged conflict and more issues for oil tankers travelling through the Strait of Hormuz.
This month, brent crude is up 59% and is on track to break records.