Daily News
Trump Sets Tuesday Deadline for Iran to Reopen Hormuz as Oil Hits $115
06 April 2026
Today in Brief
Trump issued a new ultimatum threatening to strike Iran's civilian infrastructure by Tuesday if the Strait of Hormuz remains closed, pushing WTI crude to $115.50 and sending stock futures lower after last week's strong rally.
Elsewhere, Gulf sovereign funds pledged $24 billion for Paramount's Warner Bros takeover, Microsoft announced a $10 billion Japan AI investment, and Saudi Arabia's non-oil sector contracted for the first time since 2020.
Japan, South Korea stocks open higher as investors assess Trump's Iran war comments, extended deadline
Japan and South Korean stocks rose Monday, while most Asian markets were closed for holidays, as investors parsed the latest developments in the Middle East conflict over the weekend. President Donald Trump on Sunday issued a fresh round of threats to attack Iran's power plants and civilian infrastructure starting Tuesday, if Tehran failed to fully reopen the Strait of Hormuz. The key oil chokepoint between Iran and the Arabian Peninsula handled about one-fifth of the world's oil supplies before the war between U.S.-Israel and Iran started on Feb. 28. In an expletive-laden social media post, Trump vowed to bring "Hell" to Iran after U.S. forces rescued an American airman in Iran last week.
Stock futures slip after a winning week as oil prices tick higher
Stock futures fell on Sunday, following a winning week, as traders continue to monitor the latest developments in the U.S.-Iran war and oil prices rose. Dow Jones Industrial Average futures lost 253 points, or 0.5%. S&P 500 and Nasdaq-100 futures shed 0.6% and 0.7%, respectively. Wall Street is coming off a strong performance last week, with the S&P 500 soaring nearly 6%. That gain snapped a five-week losing streak and marked the benchmark's best weekly performance since late November. The Dow and Nasdaq also ended their respective five-week slides. The former advanced 3% for the week, while the latter popped 4.4%.
Gold slid toward $4,600 per ounce on Monday
Gold slid toward $4,600 per ounce on Monday, extending losses from the prior session after President Donald Trump issued a fresh ultimatum to Iran and warned of strikes on its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened. Trump said he would bring "Hell" to Iran and set a new deadline for Tuesday at 8 p.m. Eastern Time, while also indicating plans to hold a news conference at 1 p.m. on Monday. Tehran has rejected the latest ultimatum and continues to carry out attacks on energy assets across the Middle East. Gold remains down roughly 12% since the conflict began, as surging energy prices fuelled inflation concerns and strengthened expectations of interest rate hikes.
WTI crude futures climbed to as high as $115.5 per barrel on Monday
WTI crude futures climbed to as high as $115.5 per barrel on Monday before giving up most of the advance, after President Donald Trump issued a fresh ultimatum to Iran and intensified threats targeting its civilian infrastructure if it failed to reopen the Strait of Hormuz. Trump warned he would bring "Hell" to Iran and set a new deadline for Tuesday at 8 p.m. Eastern Time, while also signalling plans to hold a news conference at 1 p.m. on Monday. Tehran rejected the latest demand, leaving Hormuz, an essential route for roughly a fifth of global oil and gas flows, effectively shut. Separately, OPEC+ cautioned after a weekend meeting that war-related damage to energy infrastructure could have lasting repercussions for oil supply even after the conflict subsides.
Trump posts expletive-filled Iran threats on Easter Sunday
Trump's aggressive social media post comes as his deadline for Iran to reopen the Strait of Hormuz was set to end Monday, after he extended it by 10 days last month. The strait is a vital shipping route for the world's oil and gas supplies, and its continued blockade has seen oil prices surge, with U.S. crude topping $114 per barrel on Sunday. In a separate post later on Sunday, Trump had said "Tuesday, 8:00 P.M. Eastern Time!" with the White House clarifying to MS NOW that the date was the new deadline for Iran to reach a deal with the U.S. Iran, so far, has shown no signs of backing down and has continued to strike economic and infrastructure targets in neighbouring Gulf Arab countries.
Warsh nomination moves ahead, putting Trump's competing Fed plans on a collision course
The Senate Banking Committee will hold a nomination hearing on April 16 for Kevin Warsh to be the next chair of the Federal Reserve, a person familiar with the matter told CNBC. Warsh's nomination is moving ahead even as a separate criminal probe into the Fed continues, setting up a potential clash between the two parallel processes set in motion by the Trump administration. Banking Committee member Sen. Thom Tillis, R.-N.C. has said he won't vote to confirm Warsh until the probe is resolved. Yet President Donald Trump is eager to get Warsh confirmed. Tillis's opposition means Trump can't do both. But by moving ahead with the hearing, he is trying to anyway. The committee hasn't yet put the hearing on its public schedule. Warsh and a spokesman for the Senate Banking Committee declined to comment.
Trump is calling for a major increase in defense spending alongside cuts in domestic spending
President Donald Trump is asking Congress to boost defense spending to $1.5 trillion, the largest such request in decades and the latest signal of the president's emphasis on U.S. military investments over domestic programs. The 2027 plans for the Pentagon were confirmed in a White House outline of Trump's 2027 budget proposal released Friday. The White House summary says Trump's proposal would reduce nondefense spending by 10% by shifting some responsibilities to state and local governments. Even before the U.S.-led war against Iran, the Republican president had indicated he wanted to bolster defense spending to modernize the military for 21st-century threats. Separately, the Pentagon last month proposed $200 billion for the war effort and to backfill munitions and supplies.
Saudi non-oil sector hits first contraction since 2020 as war halts orders
Saudi Arabia's non-oil private sector shrank in March for the first time in nearly six years, as the intensifying regional conflict severely disrupted supply chains and dampened domestic demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) plummeted to 48.8 in March, down sharply from 56.1 in February, marking the first move below the 50.0 no-change threshold since the height of the 2020 pandemic. The primary driver behind the contraction was a dramatic retreat in new orders, with the subindex diving to 45.2 from February's 61.8. Naif Al-Ghaith, chief economist at Riyad Bank, attributed the "softer reading" to a climate of extreme geopolitical uncertainty, noting that clients have adopted a cautious "wait-and-see" stance.
Paramount secures $24 bln from Gulf funds for Warner deal
Paramount Skydance has secured roughly $24 billion in equity commitments from three Gulf sovereign wealth funds to support its $81 billion takeover of Warner Bros Discovery, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Saudi Arabia's Public Investment Fund is set to contribute about $10 billion, alongside commitments from the Qatar Investment Authority and Abu Dhabi-based L'imad Holding Co., the report said. The funding will help offset costs for Paramount, led by David Ellison, and partner RedBird Capital, as they pursue the media deal announced in February. Paramount had previously disclosed similar aggregate commitments, but the WSJ report detailed the investors.
Foxconn first-quarter revenue jumps, company cautions on geopolitics
Taiwan's Foxconn, the world's largest contract electronics maker, reported a 29.7% on-year rise in first-quarter revenue on strong demand for artificial intelligence products, though it cautioned about "volatile" global politics. Revenue for Nvidia's biggest server maker and Apple's top iPhone assembler jumped to T$2.13 trillion ($66.60 billion), Foxconn said in a statement on Sunday. That was slightly below the T$2.148 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate. Strong AI demand led to robust revenue growth for its cloud and networking products division. Smart consumer electronics, which includes iPhones, posted "significant" growth thanks to new product launches, the company said. March revenue alone rose 45.6% on-year to T$803.7 billion, a record for that month.
Microsoft to invest $10 billion in Japan for AI and cyber defence expansion
Microsoft on Friday said it will invest 1.6 trillion yen ($10 billion) in Japan between 2026 and 2029 to expand artificial intelligence infrastructure and strengthen cybersecurity cooperation with the government. The investment includes the training of 1 million engineers and developers by 2030, Microsoft said, which was unveiled during a visit to Tokyo by Vice Chair and President Brad Smith. In a statement, the company said the plan aligns with Prime Minister Sanae Takaichi's goal to boost growth through advanced, strategic technologies while safeguarding national security. Microsoft will work with domestic firms including SoftBank and Sakura Internet to expand Japan-based AI computing capacity, allowing companies and government agencies to keep sensitive data within the country while accessing Microsoft Azure services, it said.
Lucid misses first-quarter vehicle delivery estimates on supplier disruptions
Lucid Group missed expectations for first-quarter vehicle deliveries on Friday, hurt by a temporary sales halt and recall tied to an unauthorized supplier change. Deliveries of its electric luxury SUV Lucid Gravity were disrupted for 29 days during the quarter due to a supplier quality issue with second-row seats, limiting the company's ability to meet customer demand. The company said it produced 5,500 vehicles and delivered 3,093 in the quarter ended March 31. Analysts at Visible Alpha had expected Lucid to produce 5,967 vehicles and deliver 5,237 vehicles. Deliveries were particularly hit in February, said Chief Executive Marc Winterhoff, when Lucid paused to reverse the change and inspect vehicles already produced. Lucid recalled 4,476 Gravity SUVs built between December 2024 and February 2026 earlier this week over seatbelt anchor welds that did not meet safety standards.
