Trump’s Iran deadline avoided as Tehran signals Strait of Hormuz opening

Hello, I’m Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

Markets rebounded after US President Donald Trump declared a ceasefire at the 11th hour on Tuesday evening, preventing a deadline for Iran to reopen the Strait of Hormuz or face attacks on its civilian infrastructure.

This outburst came after Trump escalated his threats, warning that if his demands were not met, “an entire civilization” would “die” and Iran would return to the “Stone Age.”

An Iranian official confirmed that Tehran will abide by the ceasefire and allow safe passage through the Strait of Hormuz, one of the main arteries of global oil flows.

US stock futures rose and oil prices fell after Trump said he would suspend strikes against Iran for two weeks, just before 8 p.m. ET, which is tied to the reopening of the Strait of Hormuz.

“I agree to a two-week suspension of bombings and attacks against Iran,” Trump said. sent at Truth Social. “We have received a 10-point proposal from Iran and we believe this is a workable basis for negotiation.”

Trump also stated that the “bilateral” ceasefire is contingent on Iran agreeing to open the Strait of Hormuz.

A. expression Iran’s Foreign Minister, on behalf of the Supreme National Security Council, said that if attacks against it cease, Tehran will cease its defensive operations and allow safe passage through the Strait of Hormuz, in coordination with its Armed Forces and provided “technical limitations are taken into account.”

The development comes as Trump stepped up his warnings that Iran would face major attacks on its civilian infrastructure. war crime – in case of non-compliance with the deadline.

The president also went so far as to say that if no deal was reached, “an entire civilization will die tonight, never to be brought back again,” prompting condemnation from U.S. lawmakers on both sides of the aisle.

According to Trump, Pakistan requested a 2-week pause in the conflict and played a role in brokering the agreement.

Earlier Tuesday, Trump said that for Iran to delay the deadline, it would have to “accept a deal that is acceptable to me, and part of that deal is we want free traffic of oil and everything else.”

Iranian state media framed the ceasefire as Trump backing down and accepting Tehran’s 10-point plan.

Negotiations involving the United States, Iran and regional mediators in the Middle East have previously centered around proposals for longer ceasefires (rumored to be up to 45 days), but a White House official told CNBC on Monday that Trump does not support that plan and that Iran has publicly rejected any temporary ceasefire in favor of a permanent end to hostilities.

The lull in fighting occurred shortly after US forces struck military targets on Kharg Island, Iran’s main oil export terminal, a White House official told CNBC.

Markets had already displayed cautious optimism, with major US indices posting weak gains on Tuesday.

Oil prices, which were relatively stable at the beginning of the session, fell more than 14% for most of Tuesday, falling below $100 per barrel.

The postponement could provide relief for global markets and supply chains strained by disruptions to oil flows caused by conflict.

Missile attack from Iran on Tuesday reportedly A fire broke out in Saudi Arabia’s Jubail complex, the country’s largest industrial center and home to large refineries, petrochemical and carbon capture facilities.

Iran reportedly said the attack was in response to attacks on some petrochemical facilities linked to the large South Pars gas field.

The effects of oil disruptions continued to spread. US jet fuel prices have nearly doubled since the start of the war, causing some airlines to consider reducing flights, especially on international routes.

—Dylan Butts

Elon Musk wants OpenAI CEO Sam Altman to be dismissed as part of the lawsuit

One legal recourse Musk’s lawyers on Tuesday outlined specific remedies their client is seeking if a judge and jury find that Altman and OpenAI defrauded Musk, the world’s richest person.

“Plaintiff will seek an order removing Altman from the OpenAI nonprofit board as a director and removing both Altman and Brockman as OpenAI nonprofit officers,” Musk’s attorneys said in Tuesday’s filing. “Removal of a charity’s officers and directors is a common resolution where those individuals fail to protect or fulfill the charity’s public mission.”

—Lora Kolodny