Iran’s Revolutionary Guards warned that it would not allow “one litre of oil” to leave the region if attacks from the United States and Israel continue.

The Revolutionary Guards’ response followed US President Donald Trump’s threat that US attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil supply.

“We will hit them so hard that it will not be possible for them or anybody else helping them to ever ​recover that section of the world,“ Trump said at a news conference.

Unperturbed by the threat, Iran said it would not allow oil tankers to pass through the Strait of Hormuz.

“We are the ones who will determine the end of the war,” a spokesperson said, according to state media reports.

The statements contributed to extreme volatility in global markets.

Oil prices surged while stock markets initially nosedived, before swinging back following US President Donald Trump’s comments predicting a quick end to the conflict and reports of a possible easing of sanctions on Russian energy.

Trump’s warning came at the end of a day that saw global financial markets seesawing on concerns that Iran’s security establishment was rallying behind new Supreme Leader Mojtaba Khamenei and ‌was not prepared to back down any time soon.