Trump says there will be a “major retaliation” against Iran if Iran retaliates

US President Donald Trump has threatened sanctions against Baghdad, says US will not leave Iraq unless it pays for the US Air Base there.

Additional comments through Reuters

• Trump says he is willing to go after Iranian cultural sites since Iran has killed Americans.
• Trump says he will consider releasing intelligence related to the killing of Iranian official.
• Trump says there will be a “major retaliation” against Iran if Iran retaliates.
• Trump says he doesn’t think North Korea's Kim Jong-Un will break his word, but maybe he will.

Market implications 

• Chart of the week: Oil prices spiking and intent on 2019 highs
• Risk-off open as full markets return to the sounds of war drums