President Donald Trump pledged to 'assume total control' of Iran's oil and gas infrastructure, specifically targeting Kharg Island where 90 percent of the country's crude exports are loaded. The threat, posted on Truth Social, comes amid escalating military exchanges between US and Iranian forces that have jeopardized a fragile ceasefire.

Oil markets reacted cautiously as Brent crude traded flat around $93 a barrel, suggesting traders are weighing the immediate risk against potential supply disruption. Seizing the eight-square-mile island would give Washington control over virtually all Iranian oil exports, though the target lies within range of Tehran's remaining missiles and artillery.

Mediation efforts by Qatar and Pakistan continue despite the belligerent rhetoric, with negotiators achieving some breakthroughs toward extending the April 8 ceasefire. The talks aim to reopen the Strait of Hormuz and establish a framework for nuclear negotiations, but Trump's aggressive posture complicates diplomatic progress.

Treasury Secretary Scott Bessent's accompanying threat to extract funds from Iranian accounts adds economic pressure to military intimidation. With up to $100bn in frozen assets at stake, the standoff represents a high-stakes gamble that could reshape Middle Eastern energy markets and US-Iran relations for years.