Trump Extends Iran Strike Deadline to April 6 as Markets Tumble
US-Iran Conflict: Trump Delays Energy Strike Deadline by 10 Days
President Trump has extended the deadline for striking Iranian energy facilities by 10 days to April 6. The announcement came 11 minutes after US market close, contributing to what has been called the stock market worst day since the Iran war began.
Market Impact
- Oil: Brent crude surged over 2%, well above $100/barrel
- Stocks: US futures extended losses; chip stocks dragged indices lower
- Bonds: Global bond markets sold off on reflation concerns
- Dollar: Spiked then retreated
Iran and the Strait of Hormuz
Iran Revolutionary Guards announced the closure of the Strait of Hormuz (20% of world oil transit), but reportedly allowed ten tankers through, suggesting flexibility amid diplomacy. Trump stated negotiations were going very smoothly and that he was not in a rush.
Turkey Sells $8 Billion in Gold
Turkey central bank sold approximately $8 billion in gold during the conflict, a dramatic reversal from being one of the world largest gold buyers, suggesting central banks may be reassessing gold allocation during crises.
TotalEnergies Massive Oil Bet at Risk
French oil giant TotalEnergies made a historic-level accumulation of Middle Eastern crude positions in March. With the extended negotiation window, these positions face potential massive losses.
What to Watch
- April 6 deadline for potential strikes
- Iran conditions for the 15-point ceasefire proposal
- OPEC+ response to supply disruptions