US President Donald Trump has granted Iran an extra deadline to open the Strait of Hormuz following the successful rescue of a service member stranded in Iran. President Trump will hold a press conference tonight about the rescue mission.
Trump’s deadline for reopening the Strait of Hormuz as US allies reportedly pushed for a last-minute deal with Iran amid growing speculation of a breakthrough, even as markets remain on edge.
Read also | Pakistan proposes a US-Iran ceasefire plan that could reopen the Strait of Hormuz
An Axios report said Pakistan, Egypt and Turkey are pushing to secure a potential ceasefire — lasting about 45 days — to avert looming U.S. strikes on Iran’s energy infrastructure and retaliation by the Islamic Republic against countries in the region.
Moving deadline
The Axios report comes as the president set a new deadline for Iran to fully reopen the Strait of Hormuz. “Tuesday, 8pm ET,” Trump wrote after issuing a profane message in which he again threatened to bomb key Iranian infrastructure, including power plants, if Tehran did not comply.
The move adds to a series of extensions since he began issuing similar ultimatums on March 21 to force Iran to reopen the strategic waterway.
Previously, these dates were issued on March 21 (48 hours), March 23 (pushed back by 5 days), March 26 (pushed back by 10 days) and April 4 (48 hours). Now the new date is 8:00 PM (ET) on April 7, which is 5:30 AM on April 8 (IST).
The repeated delay of the deadline comes as Trump points to ongoing negotiations between his envoys and the Iranian leadership, which he has not yet identified, to end the war sparked by the US-Israeli attacks in late February.
In the past 24 hours, 15 ships have passed through the Strait of Hormuz with Iranian permission, the semi-official Fars news agency said, adding that it was still about 90% less than before the conflict began. It did not explain the ownership or destination of the vessels.
It has been six weeks since the war in West Asia began with joint US-Israeli attacks on Iran. Tensions escalated after the killing of Iran’s 86-year-old supreme leader, Ayatollah Ali Khameneiin military strikes on February 28.
In retaliation, Iran targeted Israeli and American assets across several countries Persian Gulf countriescausing further disruption to the waterway and affecting international energy markets as well as global economic stability and disrupting trade routes through the Strait of Hormuz.
Fighting continued, with Israel, Kuwait and the United Arab Emirates reporting Iranian attacks overnight on Monday.
Trump Presser Tonight
President Trump is expected to speak to reporters about the rescue operation. Trump has also already offered some new details about the crew member, who he described as “seriously injured.”
It was announced by White House press secretary Karoline Leavitt President Trump will hold a press conference on Monday at 1:30 PM EST (10:30 PM IST) to address the public about the rescue that found the missing F-15 crew member in the mountains of Iran. The original briefing was to be held in the Oval Office, but has since been moved to a White House briefing room.
A U.S. airman shot down over Iran evaded capture for more than a day, hiding alone and climbing rugged terrain as a massive rescue effort unfolded, CNN officials said.
“Due to popular demand from the press, President Trump’s press conference tomorrow will be held in the White House briefing room. 1:00 PM ET,” Leavitt’s post read.
More than 5,000 people have been killed in the war in West Asia so far. According to government organizations and the US Human Rights Activists News Agency, nearly three-quarters of them are caused in Iran. More than 1,400 people were killed in Lebanon, and dozens more died in the Arab states of the Persian Gulf and in Israel.
Read also | US-Iran war LIVE: Hormuz won’t go despite Trump threats, Iran remains defiant
Oil prices have been battered by the conflict, and soaring costs of products such as jet fuel and diesel threaten a renewed wave of inflation. OPEC members raised their production quotas for May, a symbolic move as the war cuts output and supplies from several of the alliance’s biggest members.
Update on “Ceasefire”
Negotiators from the US, Iran and a group of other regional mediators are reportedly discussing the terms of a potential 45-day ceasefire that could pave the way for an end to the war in West Asia.
According to a report from Axioswhich cited US and Israeli sources with knowledge of the talks, last-ditch efforts are underway to seal a truce in the next 48 hours, ahead of a new deadline set by the US president. Donald Trump because Iran will accept the deal and reopen the Strait of Hormuz.
Four sources familiar with the diplomatic effort said the ongoing talks are taking place through Pakistani, Egyptian and Turkish mediators, as well as through text messages sent between Trump’s Middle East envoy, Steve Witkoff, and an Iranian envoy. Foreign Minister Abbas Araghchi.
Iran responds
Iran has rejected Trump’s latest ultimatum to reopen Hormuz, saying it will fully resume operations only after war damage is compensated. Iran’s Foreign Ministry spokesman said US President Donald Trump’s statement about Iran calling for a ceasefire is false and baseless, Iranian state television reported on Wednesday.
Over the weekend, Tehran continued to strike energy targets in its Gulf neighbors, including Kuwait’s oil headquarters and a major petrochemical plant in Abu Dhabi. The United Arab Emirates issued several warnings overnight, while Kuwait said its air defenses intercepted missile and drone attacks.
What did the experts say about the proposed truce?
Experts say Iran could sustain its counteroffensive more easily and for much longer. They said the cease-fire alone will not lift the shadow of the risk Iran has imposed on the Persian Gulf, which is now experiencing its own nightmare scenario.
“That’s why Iran’s leaders say they won’t accept a ceasefire until Washington fully understands it global economic costs the conduct of this war,” Vali Nasr, an Iranian-American academic and political scientist, wrote in the Financial Times last week.
Nasr, who specializes in Middle Eastern studies and the history of Islam, is the Majid Khaddouri Professor of International Affairs and Middle Eastern Studies at Johns Hopkins School of Advanced International Studies in Washington, DC.
“This is no longer a war against the Islamic Republic, its missiles or its nuclear facilities. This is a war against the country. This is about turning Iran into a failed state,” Nasr told the New York Times on April 4.
Escalating oil prices
The war in West Asia is sending shockwaves through global markets, with oil prices at the forefront of the turmoil.
Anindya Banerjee, head of commodity and currency research at Kotak Securities, warned that Brent crude, currently hovering around $109, could cross $130-140 if the war is extended.
“The longer this continues, the greater the impact on oil prices will be… every passing week is crucial for oil prices,” Banerjee told news agency ANI in an interview.
The disruption of oil supplies from the region, which affects around 8-10% of global oil and 15-20% of gas, is the main driver of the price increase. With supplies depleting fast and spot prices trading at a $20-$30 premium to futures, Banerjee points out that each additional week in April will only push prices higher.
Iran has rejected Trump’s latest ultimatum to reopen Hormuz, saying it will fully resume operations only after war damage is compensated.
“If this continues, it will eventually lead to a disruption in demand,” he added.
