Iran explores crypto payments for war weapons (2:09)

After Iran rejected the U.S. demand to reopen the Strait of Hormuz as part of a temporary ceasefire, President Donald Trump threatened that the "entire country" of Iran can be taken out in one night.

"The entire country can be taken out in one night, and that night might be tomorrow night," the president said.

Trump made the remarks while addressing the White House news conference on Apr. 6.

The president had earlier given a deadline of 8 p.m. ET on Apr. 7 (Tuesday) for Iran to reopen the Strait of Hormuz or the U.S. will attack the West Asian country's massive power infrastructure.

How markets reacted

The West Texas Intermediate (WTI) crude oil's price immediately jumped from $112 a barrel to $114.01 a barrel and the Brent crude oil's price jumped from $107 a barrel to $110.88 per barrel.

The Dow Jones Industrial Average (DJIA), Nasdaq Composite, and S&P 500 stock indices gave up their gains and turned lower for the day.

DJIA: 46,522.32 points

Nasdaq: 21,909.513 points

S&P 500: 6,587.45 points

The crypto market similarly priced in Trump's Iran threat pretty quickly.

Bitcoin (BTC), which hit north of $70,000 earlier today, fell to $69,520.40. Ethereum (ETH) also fell from $2,165 to $2,134.23. XRP also slipped from $1.36 to $1.34.

This story is developing. Please refresh for new updates.