[U.S. Stock Market Close] Trump Reiterates "Deadline" at 8 PM Eastern Tuesday: Bombing Bridges and Power Plants Within 4 Hours, Oil Prices Stabilize (Updating)

Trump reiterated during a press conference early Tuesday at 1:00 a.m. Hong Kong time that the ultimatum still stands at 8:00 p.m. Eastern Time on Tuesday. He said opening up the Strait of Hormuz is the top priority. If the two sides fail to reach an agreement, Trump vowed to use force to destroy all bridges and power plants inside Iran, “blasting” its infrastructure back to the Stone Age.

Trump said that currently Steve Witkoff and Vance are involved in negotiations with Iran. “I think things are going well, but we have to wait and see. You have to understand, we’ve been dealing with these people for 47 years.”

Before the press conference, at the traditional Easter egg rolling event held on the South Lawn of the White House, Trump told reporters, “They came up with a proposal, and it’s a very significant proposal—a very significant step.”

Tehran has clearly rejected any temporary ceasefire, instead calling for a way to end the war permanently. Iran is also making more diplomatic efforts, hoping that countries will pressure Trump in a humanitarian position.

At the press conference, Trump said, “They asked for an extension of 7 days. I gave them 10 days. The 10 days are actually until today. So I indirectly gave them 11 days. I don’t think it’s appropriate to do that on the first day after Easter. I want to be a good person.”

He revealed that at 12:00 a.m. Eastern Time, “every bridge inside Iran will be destroyed. Every power plant in Iran will stop operating—burning, exploding, and unable to be used again. Total destruction, at 12 o’clock. This will happen within 4 hours. If we’re willing, we don’t want this to happen. We might even participate in helping them rebuild the country.”

Trump said that if an agreement is reached, the U.S. military would be willing to help clear mines in that sea area to restore navigation safety, but it may charge a fee. He also stressed that the United States has achieved energy independence and no longer relies on Middle East oil as heavily as it did in the past—or as China does.

Stocks fluctuated but rose. The Dow closed up 165 points at 46,669. The S&P 500 rose 0.4% to close at 6,611. The Nasdaq rose 0.5% to close at 21,996.

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At a press conference held in Tehran, Esmail Baghaei, a spokesperson for Iran’s Ministry of Foreign Affairs, said Tehran will “spare no effort” to defend the country when necessary. He accused the United States and Israel of having “no red lines” and ignoring international law. Baghaei rejected the reported U.S. 15-point ceasefire agreement conveyed through intermediaries, describing the proposal as “illogical” and unacceptable, and said that some visions and ideas have already been submitted.

He emphasized that negotiations cannot be carried out under threats, and insisted that Iran’s national security and interests are the primary criteria for reaching any agreement.

Earlier the same day, Baghaei also said that Iran would never bow to pressure. He said: “A few days ago, they put forward a proposal through intermediaries. This U.S. 15-point plan was conveyed via Pakistan and some other friendly countries.” He added: “These kinds of proposals are both highly ambitious and also seem unusual and illogical.”

The foreign ministry spokesperson pushed back on the claim that “contact with intermediaries means weakness.” “The Islamic Republic of Iran quickly and courageously presented its views on a certain plan. This should not be seen as a sign of surrendering to the enemy.” “From the moment discussions on initiating it started, we have already been prepared to respond. When necessary, we will clearly tell you.”

Pakistan proposes a “two-stage ceasefire plan”

Reuters, citing sources, reported that Iran and the United States have received a plan aimed at ending hostilities. The plan could take effect as early as today and would lead to the Strait of Hormuz reopening.

Pakistan has drawn up a framework agreement to end hostilities and submitted it to Iran and the United States last night. The framework is based on a “two-stage plan”: first, to reach an immediate ceasefire, followed by signing a comprehensive agreement. A source said, “All elements must reach consensus within today.” The source added that the initial understanding would be drafted in the form of a memorandum of understanding (MoU), with Pakistan handling the finalization; Pakistan is currently the only channel of communication between the two sides’ talks.

Reuters reported that the expected agreement would involve Iran’s commitment to abandon the development of nuclear weapons in exchange for the lifting of economic sanctions and the release of Iranian overseas assets.

Al Jazeera quoted Pakistani officials as saying that “urgent diplomacy” is underway. The officials said their problem is essentially dealing with a “grade-schooler brawl.” They must find a way to soothe everyone’s pride, and build bridges across an ocean of bottomless mistrust. The report said they are communicating with religious clerics and diplomats, while also talking with military commanders—clearly implying the Islamic Revolutionary Guard Corps (IRGC).

Iraq granted passage through the Strait of Hormuz

With news circulating that Iran has exempted Iraq so that its transit through the Strait of Hormuz faces no restrictions, Reuters reported that Iraq’s State Oil Marketing Organization (SOMO) has asked its customers to submit crude oil lift plans within 24 hours.

Axios reported that mediators from Pakistan, Egypt, and Turkey are making final efforts to achieve a 45-day ceasefire between the United States, Israel, and Iran.

A senior Iranian official warned that if the U.S. escalates attacks against Iran, global energy routes outside the Strait of Hormuz could be threatened.

Reuters cited a SOMO document as saying, “Given the above situation, to ensure the continuity and stability of crude oil export business, we urge your company to submit a lifting plan within 24 hours so that your lifting arrangements can be handled in a timely manner, including vessel nominations and contract cargo quantities, and fully in accordance with the agreed terms and conditions.” Since the war, Iraq’s oil production has collapsed to about 800k barrels per day.

Strait of Hormuz real-time shipping conditions

The document continues: “We hereby reiterate that all loading terminals, including Basra oil terminals and related facilities, remain in full operation. SOMO is fully prepared and will execute all contract lifting plans without restriction.”

On Sunday, Trump posted on social media Truth Social: “Tuesday, 8:00 P.M. Eastern Time! (8:00 p.m. Eastern Time on Tuesday!).” This implies that the ultimatum deadline is at 8:00 a.m. Hong Kong time on Wednesday.

Democrats said Trump’s latest threats against Iran are “delusional,” and warned that attacking civilian facilities could constitute war crimes.

Worth noting is that the situation is urgent, and any news is enough to reverse current market conditions.