US President Donald Trump on Monday threatened to escalate the war with Iran if it blocked oil shipments from the Middle East, even as he predicted a quick end to the conflict.Trump’s warning came at the end of a day that saw global financial markets seesawing on concerns that Iran’s security establishment was rallying behind new Supreme Leader Mojtaba Khamenei and was not prepared to back down any time soon.He warned that US attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil supply. “We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world,” Trump said at a news conference.In response, Iran’s Revolutionary Guards said it would not allow “one liter of oil” to leave the region if attacks from the United States and Israel continue. “We are the ones who will determine the end of the war,” a spokesperson said, according to state media.The conflicting signals sent markets on a rollercoaster, with oil prices surging and stock markets nosediving before swinging in the other direction after Trump’s prediction of a quick end to the war and reports of a possible ease in sanctions on Russian energy. — with AgenciesOil refinery hitMarch 10, 2026 8:47 amTehran was choked in black smoke after an oil refinery was hit, an escalation in strikes on Iran’s domestic energy supplies. World Health Organization chief Tedros Ghebreyesus warned the fire risks contaminating food, water and air. Turkey said NATO air defences had shot down a ballistic missile that was fired from Iran and entered Turkish airspace, the second such incident of the war. Iran did not immediately comment on the report. Israel’s military said it had launched new attacks in central Iran and struck the Lebanese capital Beirut, where Israel has extended its campaign after the Iran-backed militia Hezbollah fired across the border.Oil surges, then dips backMarch 10, 2026 8:47 amThe war has effectively shut the Strait of Hormuz, a chokepoint for global oil and liquefied natural gas transport, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage fills. Brent crude futures jumped about 7% to settle at their highest price since 2022 after soaring by as much as 29% during the session, as Saudi Arabia and other OPEC members cut supplies. But prices fell in post-settlement trade. The price of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump’s Republicans will try to keep control of Congress.‘We are the ones who will determine the end of the war’: Iran’s sharp response to TrumpMarch 10, 2026 8:44 amIran’s Revolutionary Guards said it would not allow “one liter of oil” to leave the region if attacks from the United States and Israel continue. “We are the ones who will determine the end of the war,” a spokesperson said, according to state media. The conflicting signals sent markets on a rollercoaster, with oil prices surging and stock markets nosediving before swinging in the other direction after Trump’s prediction of a quick end to the war and reports of a possible ease in sanctions on Russian energy.