clock ticks on Trump’s Hormuz ultimatum
An anchored LPG gas tanker is in Shinas, Oman, on March 11, 2026, as traffic decreases in the Strait of Hormuz amid the US-Israeli conflict with Iran.
Benoît Tessier | Reuters
Hello, I’m Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
I don’t know about you, but I’ve found that ultimatums rarely work. But President Donald Trump’s decision to give Tehran a deadline (effective until 7:55 p.m. Eastern time tonight) to reopen the Strait of Hormuz could be a turning point in the conflict. Good or bad.
Markets don’t quite know what to make of this situation, with some stock markets selling off while oil rose before turning negative.
What you need to know today
US President Donald Trump gave a speech on Saturday. He issued a harsh ultimatum to Iran, threatening to “destroy” Iran’s power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours.
Iran responded by warning that it would target US infrastructure in the Gulf, including energy and desalination facilities, if Washington followed through on its threat.
Speaker of the Iranian Parliament warned He said financial institutions that support the U.S. military budget were legitimate targets and that buyers of U.S. Treasury securities were buying “an attack on your headquarters and your assets.”
It creates a confusing trading environment. Japanese and South Korean stocks are leading declines in Asia, while both European and US futures are quietly accelerating declines. Meanwhile, oil prices were on a roller-coaster ride through the early hours of Monday’s trading session.
Later today, British Prime Minister Keir Starmer will chair an emergency meeting with Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey to discuss the economic impact of the war in Iran. This is as follows Meeting between Starmer and Trump They discussed the importance of reopening the Strait of Hormuz.
In other news Air Canada plane crashed With the airport fire rescue truck upon landing at New York’s LaGuardia airport, MSNow reported that no details regarding passenger welfare have yet been released.
—Leonie Kidd
And finally…
A new layer of critical infrastructure is emerging above our heads.
Low Earth Orbit (LEO), defined by NASA as an extension of space at an altitude of 2,000 km or less, is rapidly evolving from a niche technical field to one of the most strategically important environments of the 21st century.
It supports global navigation, telecommunications, defense and worldwide connectivity and is witnessing a flood of investment.
—Tessa McCann
