Trump's warning to Iran over the weekend signals that the impasse between Washington and Tehran over ending the war could deteriorate into resumption of armed conflict.

Physical crude markets have also firmed again in recent days, offering a reminder of the wider supply tightness that’s hitting the global oil industry.

Brent crude nears $105 as Trump calls Iran ceasefire on 'massive life support,' raising geopolitical risk premiums and pushing oil prices higher.