Although Trump has at times stepped back from threats he has made against Iran, oil prices surged and stocks fell after his latest comments.

Renewed hostilities between the US and Iran have also heightened safety and security concerns around the Strait of Hormuz.

Washington launched strikes on the Islamic Republic overnight in response to ships being hit in the Strait of Hormuz. Iran retaliated by targeting US bases in the Gulf.

US renewed its strikes on Iran on Tuesday after accusing it of breaching ceasefire