Markets reacted after Donald Trump said U.S. forces had struck military targets on Kharg Island, a key terminal that handles most of Iran’s oil exports.
He also warned that further attacks could target energy infrastructure if Iran disrupts shipping through the Strait of Hormuz, one of the world’s most critical oil transit routes.
The waterway has been largely disrupted since U.S. and Israeli military operations began on February 28.
Iranian state media later reported that the strikes did not damage oil facilities.
Meanwhile, Iran’s foreign minister Abbas Araghchi said Tehran was not interested in talks with the United States, accusing Washington of launching attacks while negotiations were underway.
However, he said Iran remains open to discussions with countries seeking safe passage for their vessels through the Gulf.
Fighting continued on Monday, with Saudi Arabia reporting it intercepted more than sixty drones overnight.
Flights were also briefly suspended at Dubai International Airport after a drone-related incident sparked a fire nearby.
The escalating conflict has increased fears of further disruptions to global energy supplies and international trade.
