Trump wrote on Truth Social that "A whole civilization will die tonight" as his 8 p.m. ET ceasefire deadline approaches. Stocks edged lower and oil rose.

U.S. oil prices were moving lower but still traded above $110 per barrel on Monday morning as negotiators reportedly intensified efforts to broker a cease-fire following President Donald Trump’s threats to civilian infrastructure.

Brent crude rose above $110 before those gains eased after a report of US-Iran talks over a potential ceasefire.

Oil futures were mixed while government bond prices fell as Iran fired missiles and drones into Gulf countries and Israel after President Trump stepped up his threats against Iran.

For prices to decline to less exorbitant levels, any cessation of attacks would need to come with an agreement to open the crucial Strait of Hormuz, the shipping artery used by one-fifth of the world's oil and gas supply.

Oil prices pushed higher Sunday after President Donald Trump threatened to strike Iranian energy facilities if the Strait of Hormuz is not reopened Monday.

Oil prices were mixed after Trump repeated the Tuesday deadline for escalating attacks on Iran's power plants and bridges.

President Donald Trump ramped up his threats against Iran over the weekend, pledging strikes against key energy infrastructure if Tehran doesn’t reopen the Strait of Hormuz.