preCharge News POLITICS — Oil prices fell Monday in extended trading after President Donald Trump said he was considering seizing control of the Strait of Hormuz, the most important chokepoint in world for the crude market.

U.S. crude oil was down 6.19% to $85.27 per barrel at 3:37 p.m. ET. Global benchmark Brent traded 4.6% lower at $88.43 per barrel.

President Trump told CBS News in an interview the U.S. “could do a lot” about the Strait of Hormuz, as shipping grinds nearly to a halt in a waterway that carries about 20% of the world’s oil.

The president asserted that the strait — which lies between Iran and the Arabian Peninsula — is open now, but said he’s “thinking about taking it over.”

He also threatens Iran if it interferes with the waterway.

“They’ve shot everything they have to shoot, and they better not try anything cute or it’s going to be the end of that country,” the president said. “If they do anything bad, that would be the end of Iran and you’d never hear the name again.”

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.