US, Iran threaten more energy strikes as gas prices surge. What to know

As the U.S.-Israeli war with Iran enters its fourth week, the economic consequences continue to rattle markets.

President Donald Trump threatened to destroy Iranian power plants if the pivotal Strait of Hormuz isn't opened, prompting Iran to respond with their own threats of retaliation as the war's energy crisis escalates.

The president took to social media to pressure the Middle Eastern nation over the global shipping route, which Iran has effectively closed since the U.S.-Israeli strikes on Feb. 28. It's one of the world's most important oil chokepoints and ferries roughly 20% of the world's oil products annually.

"If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!" Trump wrote on Truth Social shortly before 8 p.m. on Saturday, March 21.

In response, Mohammad Baqer Qalibaf, speaker of Iran’s parliament, said if the United States does strike Iran's power plants, Iran will destroy critical infrastructure and oil facilities in the region in an "irreversible manner." In his March 22 post on X, Qalibaf also threatened that oil costs will "remain high for a long time."

More: Another 'Big, Beautiful Bill' may be coming to pay for the Iran war