Iran has vowed to send oil prices soaring for the foreseeable future if conflict escalates, as Donald Trump’s 48-hour deadline to reopen the Strait of Hormuz expires on Monday.The Iranian regime has threatened to strike energy infrastructure across the Middle East in response to the US President’s ultimatum.Mohammad Bagher Ghalibaf, speaker of Iran’s parliament, warned the move would see crude prices “rise for a long time”.Iran’s Revolutionary Guards also said the vital shipping route would be “completely closed” if Mr Trump follows through on his pledge to “obliterate” Iranian power stations.The Strait of Hormuz carries around one fifth of the world’s oil and gas supplies – making it one of the most critical chokepoints in global energy markets.The US President has said he would begin “with the biggest one first” if Iran fails to release its grip on the waterway by the end of Monday.Speaking to Israeli media, he said: “You’ll find out soon what will happen with the ultimatum on the power plants the outcome will be very good.”He added: “There will be a total destruction of Iran and it’s going to work great.”The US President has said he would begin ‘with the biggest one first’ if Iran fails to release its grip on the waterway | GETTYThe escalating standoff has already rattled markets, with oil prices surging above $110 (£82.46) a barrel amid fears of prolonged disruption.Sir Keir Starmer is set to chair an emergency Cobra meeting on Monday amid growing concern the crisis could trigger a fresh cost of living shock in the UK.Chancellor Rachel Reeves, Home Secretary Yvette Cooper, Energy Secretary Ed Miliband and Bank of England governor Andrew Bailey will assess the potential impact on households, businesses and energy security.Ms Reeves is said to be preparing “different options” to support vulnerable households as energy bills are expected to rise when the current price cap ends in June.Mohammad Bagher Ghalibaf warned the move would see crude prices ‘rise for a long time’ | GETTYIran’s Revolutionary Guards also said the vital shipping route would be ‘completely closed’ if Mr Trump follows through | GETTYMinisters will also consider measures to prevent panic buying at petrol stations, despite officials insisting supplies remain stable.Iran has also threatened desalination plants and other critical infrastructure across the Gulf – facilities that supply drinking water to millions.The Iranian military command Khatam Al-Anbiya warned that “all energy, information technology and desalination infrastructure belonging to the US and the regime [Israel] in the region” would be targeted if Mr Trump acts.US Treasury Secretary Scott Bessent signalled support for the President’s approach, saying the administration may need to “escalate to de-escalate”.MAPPED: Where is the Strait of Hormuz? | GB NEWS”This is the only language the Iranians understand,” he added.Meanwhile, Iranian President Masoud Pezeshkian declared: “The illusion of erasing Iran from the map shows desperation against the will of a history-making nation. Threats and terror only strengthen our unity.”Analysts have warned oil could spike as high as $200 (£149.89) a barrel if Iran launches “broad energy infrastructure attacks” – underlining fears of a prolonged global energy shock.Over the weekend, Iran fired two ballistic missiles at the joint US-UK base on Diego Garcia – one failed mid-flight and the other was intercepted by American forces.The IDF said the attack demonstrated Tehran’s ability to strike European cities, including London and Paris.A senior defence source warned Britain could struggle to defend against such threats, telling The Telegraph: “It’s woeful combating ballistic missiles are long-learned skill sets and the UK’s set of those skills is, sadly, very, very low.”