A social media post from Trump saying he had paused a planned attack against Iran sent Brent crude down 1.3% to $110 a barrel, but the price is still around 80% higher than it was before the war.

Oil prices climb towards $110 a barrel as US-Iran tensions escalate over the Strait of Hormuz. President Trump's warnings add to market volatility.

Oil prices climbed on Monday morning after US President Donald Trump sent a new warning to Iran via social media.