Oil prices raise ahead of Trump's Iran deal deadline

Oil prices increased ahead of US President Donald Trump's Iran deal deadline to agree to US demands and reach a ceasefire.

As of 0630GMT, Brent futures rose by 1.5% to around $111.4, while West Texas Intermediate (WTI) increased by 2.7% to $115.3.

Trump has said that if a truce is not reached by this time, US forces would launch sweeping strikes against civilian targets in Iran.

US President Donald Trump claimed on Monday that American forces could "take out" the entire nation of Iran in just a single night.

"The entire country could be taken out in one night, and that night might be tomorrow [Tuesday] night," Trump told reporters.

He also said his deadline for Iran, warning that by Tuesday night at 8 pm EDT (0000GMT Wednesday), every bridge and power plant in Iran would be "decimated" if no deal was reached.

The Israeli army also warned Iranians to avoid using trains nationwide for Tuesday, staying away from areas near railway lines.