U.S. President Donald Trump gave Iran a two-day deadline to reopen the Strait of Hormuz or have its power plants bombed, upping the ante in a war now in its fourth week with no sign of de-escalation.

Trump, under pressure to bring down soaring oil prices, said Iran must “fully open, without threat,” the vital waterway for energy flows. He gave the Islamic Republic 48 hours “from this exact point in time,” in a Truth Social post sent at 7:44 p.m. New York time on Saturday.

Iran countered that — if its power facilities are attacked — it would close the Strait of Hormuz “completely,” state TV reported Sunday, citing a statement from army command.

The passage, through which one-fifth of the world’s oil and liquefied natural gas supplies normally flow, has been effectively shut since the U.S. and Israel began attacking Iran on Feb. 28. Vessels from certain countries have managed to get through.

The Iranian military will target “all energy, information technology, and desalination infrastructure” linked to the U.S. and Israel in the region, the semi-official Tasnim news agency said. A senior Iranian official added on social media that the headquarters and assets of financial entities that buy U.S. Treasury bonds are “legitimate targets.”

The rhetoric suggests neither side is willing to back down, with the war having already triggered an unprecedented oil and gas supply crisis. The latest threats follow a week of heavy hits on crucial energy infrastructure in the Middle East, deepening the risk of long-term global economic impact.

Crude oil swung sharply, jumping 1.9%, before reversing to fall nearly 1.8% to $110 a barrel. Global benchmark Brent has surged by more than 50% since the strikes by the U.S. and Israel on Iran in late February, threatening to unleash a wave of global inflation.

Price spikes — particularly gasoline — pose political risks for Trump at home, just eight months before midterm elections. Some Republicans are uneasy about further escalation.

“When Israel bombed a nonmilitary target, bombed an energy target, the president was not filtered in saying how displeased he was,” Republican Senator Lisa Murkowski of Alaska said Sunday.

She added, “When you move to that next level where you have troops on the ground, we’re talking a different level of conflict than when the administration had briefed us.”

Treasury Secretary Scott Bessent said attacks are aimed at destroying Iran’s fortifications along the Strait of Hormuz. Trump will “take whatever steps it takes” to achieve goals including destroying Iran’s air force and navy, denying it the ability to have nuclear weapons and “their ability to project power internationally,” Bessent said Sunday on NBC’s Meet the Press.

Oil and gas flows are likely to take time to return to normal even after the strait reopens, with many production sites damaged. The blockages are causing shortages of fertilizer and crop nutrients, raising the prospect of critical disruptions to food output.

The U.S. and Israel continued to target sites in Iran on Sunday, including around the capital, Tehran. The Islamic Republic is firing missiles and drones at Israel and Arab Gulf nations.

Israeli Prime Minister Benjamin Netanyahu reiterated his country’s military objectives, telling reporters the aims are to “break completely their nuclear program, break completely their missile program.” He added that Israel has “a goal of creating conditions” for Iranians to overthrow their leaders.

David Amsalem, a minister in Netanyahu’s security cabinet, said it’s unclear whether Trump will follow through. “Look, ultimately, Trump doesn’t tell us — or certainly not me — what he’s about to do,” Amsalem told Galey Israel radio.

The Iranian regime isn’t close to falling, with officials coalescing around remaining leaders, according to Western intelligence and people familiar with the matter. More than 4,000 people have been killed across the region, according to governments and nongovernmental agencies, with more than three-quarters in Iran.

In Lebanon, where Israel has intensified its offensive against Iran-backed Hezbollah militants, the toll exceeds 1,000. Dozens have been killed in Israel and Arab states.

Iran’s missile strikes against Israel have picked up in recent days. On Saturday, about 115 people were injured in the southern cities of Arad and Dimona, which lends its name to a nearby nuclear research facility. Iranian media said it was a retaliation against an attack on its Natanz nuclear facility.

Speaking Sunday, Netanyahu called on the leaders of other countries to join the war.

Trump’s latest warning came a day after he said he was considering “winding down” operations and shifting responsibility for policing Hormuz to other countries — underscoring mixed signals that have left governments and markets scrambling.

Until now, the U.S. and Israel have largely avoided targeting Iran’s power and water plants. Israel did strike fuel depots in Tehran two weeks ago, causing acid rain clouds and drawing veiled criticism from the U.S., which felt it was a strategic error that could turn Iranian civilians against the offensive.

Iran has around 100 operational natural gas power plants, according to data compiled by Bloomberg. Among the largest are the Damavand plant near Tehran, the Ramin facility north of Ahvaz in the west, and the Kerman facility in Chatroud in the southeast.

The Middle East’s energy assets have increasingly come into focus as attacks widen. Israel struck the South Pars gas field last Wednesday, and Iran retaliated with its own volleys on the world’s largest LNG facility, in Qatar, alongside other Gulf energy assets.

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(With assistance from Stanley James, Alisa Odenheimer, Dana Khraiche, Omar Tamo, Jennifer A. Dlouhy, María Paula Mijares Torres, Dan Williams, Jon Herskovitz and Michael Heath.)

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