Threats from U.S. President Donald Trump to bomb Iranian civilian infrastructure such as bridges or power plants on the 22nd led to a significant early rise in international crude futures prices, followed by strong consolidation, with oil closing up approximately 3% for the day.

At the close, the September delivery light sweet crude oil futures contract on the New York Mercantile Exchange rose by $2.49 to settle at $86.83 per barrel, a gain of 2.95%. The September Brent crude futures contract on the Intercontinental Exchange in London increased by $3.06 to close at $94.07 per barrel, a rise of 3.36%.

Earlier on the 22nd, Trump stated that for every instance Iran fires upon a vessel in the Strait of Hormuz, the U.S. would bomb and destroy an Iranian bridge or power plant, including such facilities in and around Tehran.

The Iranian military responded by stating that if the U.S. strikes Iranian bridges or power plants, Iran will retaliate by targeting energy and other infrastructure in the region associated with U.S. interests.