Oil prices initially rose after Iran's supreme leader Ali Khamenei rejected US President Donald Trump's demand for an "unconditional surrender", adding to sharp gains made the previous day. Six days into the conflict, Khamenei warned the United States would face "irreparable damage" if it intervenes in support of Israel.

Futures on Wall Street continue to trade with losses after benchmark indices gave up all of Monday's gains during Tuesday's trading session. The Dow futures are currently trading 100 points lower, while the S&P 500 and Nasdaq futures are trading 15 and 75 points lower respectively.

President Trump turned up the heat on Iran, calling for its Supreme Leader to surrender, stocks slipped further on his comments, as oil continues its climb and silver prices hit a fresh high. FOX Business is providing real-time updates on the markets,