The deadline for Trump is approaching, and the market remains tense.

According to reports, as the United States’ allies are urgently pushing for a last-minute deal with Tehran while U.S. President Donald Trump extends the deadline for Iran to reopen the Strait of Hormuz to Tuesday, markets remain highly on guard about whether a breakthrough can be achieved.

Axios, a U.S. news outlet, reported that Pakistan, Egypt, and Turkey are actively mediating in an effort to reach a ceasefire deal lasting about 45 days. The goal is to deter the United States’ threat to strike Iran’s energy infrastructure, as well as Iran, an Islamic Republic, from carrying out retaliation against regional countries.

Fighting continues. Israel, Kuwait, and the United Arab Emirates have all reported that Iran launched an attack in the early hours of Monday.

On Sunday, Trump issued a threat full of abusive language, vowing to destroy Iran’s power plants—“blow up everything there.” He then announced a new deadline—Tuesday at 8 p.m.—but provided no details. Since he first issued a similar ultimatum on March 21, forcing Iran to reopen this strategic waterway, this is the latest in several times he has extended the deadline.

With the deadline being repeatedly pushed back, Trump said negotiations between his special envoy and Iran’s leadership are still ongoing, but he has not yet disclosed the identity of the negotiating representatives. The talks are intended to end the war sparked by attacks launched by the United States and Israel at the end of February.

The conflict has resulted in thousands of deaths, most of whom were from Iran and Lebanon. Shipping through the Strait of Hormuz is nearly at a standstill—about one-fifth of the world’s oil and liquefied natural gas exports typically move through this route.

As the final efforts to reach a ceasefire continue, investors are staying cautious about returning to the stock market. The MSCI Asia Pacific Index rose 0.3%, and the price increase in crude oil narrowed. Markets in multiple European countries were closed.

Iran rejected Trump’s latest ultimatum demanding that it reopen the Strait of Hormuz, saying it would only fully restore operations of the strait after losses from the war are compensated.

Tehran has continued strikes targeting energy assets of neighboring countries in the Persian Gulf, attacking Kuwait’s oil headquarters and a large petrochemical plant in Abu Dhabi over the weekend. The UAE issued alerts multiple times overnight, while Kuwait said its air defense systems intercepted missile and drone attacks.

The Israel Defense Forces said Iran has launched four rounds of missile strikes since midnight. Emergency services said they found two bodies in a residential home in Haifa that had previously been attacked.

According to Fars News Agency, an Iranian semi-official outlet, in the past 24 hours, 15 ships transited the Strait of Hormuz after obtaining permission from Iran, but the figure remains about 90% lower than before the outbreak of the conflict. The outlet did not specify the ships’ countries of ownership or destinations.

After Trump’s latest warning, oil prices rose. At 6:30 a.m. London time, Brent crude was about $110 per barrel after giving back earlier gains. Since the outbreak of the conflict, this global benchmark crude price has increased by more than 50% overall.

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Editor: Guo Mingyu