President Trump has warned that Iran will face a massive bombing campaign if Tehran refuses to open the Strait of Hormuz, sparking alarm among world leaders.

The U.S. president’s statement that Iran’s navy and air force are “gone” and that its missile stock is “used up” follows a recent U.S. airstrike that damaged a bridge near Karaj, killing eight.

Britain’s Foreign Secretary Yvette Cooper and other diplomats convened a virtual summit, urging coordinated economic and political pressure to keep the strait open. The uncertainty threatens global oil flows and could push energy prices sharply higher.

In short, Trump’s erratic rhetoric has left markets jittery, shipping lanes uncertain, and governments scrambling to mitigate a potential escalation that could lock out international trade in a vital chokepoint.