Iran on Sunday threatened to “completely close” the Strait of Hormuz if US President Donald Trump acts on his warning to strike Iranian energy facilities within 48 hours. The Islamic Revolutionary Guard Corps (IRGC) said energy sites in countries hosting US bases would become “lawful” targets.The US President had warned: “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 first.”In response to Trump, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that if Tehran’s infrastructure is targeted, then key facilities across the region could be “irreversibly destroyed.” Iranian military officials also said they could target US-linked energy, technology and water infrastructure in the Gulf.Iran’s Revolutionary Guards said the Strait of Hormuz would remain shut. “The Strait of Hormuz will be completely closed and will not be opened until our destroyed power plants are rebuilt,” the Guards said in a statement.The Strait of Hormuz is one of the world’s most important shipping routes, carrying a large share of global oil and gas supplies. Iran shut the route on February 28. Disruptions in this narrow waterway have already reduced tanker movement, pushed up fuel prices and affected global markets.The situation on the ground remains volatile. Air raid sirens sounded across parts of Israel after fresh missile launches. Strikes increased on March 21, with US-Israeli attacks focused around Tehran and spreading across central and southern Iran, including areas near the Strait of Hormuz. Iran responded with strikes on Israel and parts of the Gulf.According to the IDF, Iran has launched more than 400 ballistic missiles since the war began, with about 92 per cent intercepted before hitting targets.The impact of the conflict is being felt on both sides. In Iran, the Red Crescent said more than 81,000 civilian homes and buildings have been damaged in US-Israeli strikes. In Israel, authorities said over 2,700 people have been forced to leave their homes due to Iranian attacks, with government agencies providing support and shelter.At the same time, Iran-backed Hezbollah has launched repeated rocket attacks on Tel Aviv. Israel has responded with strikes and ground operations in southern Lebanon.The tensions are also affecting the global economy. Oil prices have surged to multi-year highs, with Brent crude around $110 per barrel after reaching $119 earlier in the day.