[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 deadline still stands as 8:00 p.m. Tuesday Eastern Time. He said opening the Strait of Hormuz is the top priority. If the two sides cannot reach an agreement, Trump warned that he would use force to destroy every bridge and every power plant inside Iran, “blasting” its infrastructure “back to the Stone Age.”

Trump said that Steve Witkoff and Vance are taking part in the negotiations with Iran. “I think things are going very 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, Trump told reporters at the traditional Easter egg rolling event held on the South Lawn of the White House, “They put forward a proposal, and it’s a very meaningful proposal, a very big step.”

Tehran clearly rejected any interim ceasefire, instead calling for a way to achieve a permanent end to the war. Iran is also making more diplomatic efforts at the same time, hoping that other countries will pressure Trump from 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 through today. So I indirectly gave them 11 days. I don’t think it’s appropriate to do that the first day after Easter. I want to be a good person.”

He revealed that at 12:00 a.m. Tuesday Eastern Time, “Every bridge inside Iran will be destroyed. Every power plant in Iran will stop operating—burning, exploding—and will never be usable 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 to help them rebuild the country.”

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

U.S. stocks rose again and again. The Dow closed up 165 points, closing at 46,669. The S&P rose 0.4%, closing at 6,611. The Nasdaq rose 0.5%, closing at 21,996.

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At a press conference in Tehran, Esmail Baghaei, a spokesperson for Iran’s Ministry of Foreign Affairs, said that when necessary Tehran would “spare no effort” to defend the country. He accused the U.S. and Israel of having “no red lines” and ignoring international law. Baghaei rejected the U.S. 15-point ceasefire agreement mentioned in reports that was conveyed through intermediaries, and described the proposal as “illogical” and unacceptable, saying some visions and ideas had already been put forward.

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

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

The foreign ministry spokesperson rejected the claim that “engaging with mediators means weakness.” “The Islamic Republic of Iran quickly and bravely presented its views on a plan. This should not be seen as a sign of surrender to the enemy.” “From the moment the discussion to initiate it began, we were already prepared to respond. When necessary, we will clearly inform you.”

Pakistan proposes a “two-stage ceasefire plan”

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

Pakistan drew 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, then to sign a comprehensive agreement. The source said, “All elements must reach consensus within today.” It also added that an initial understanding would be drafted in the form of a memorandum of understanding (MoU), and the finalization would be completed through Pakistan. Pakistan is currently the only communication channel for negotiations between both sides.

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

Al Jazeera cited Pakistani officials saying that “emergency diplomacy” is underway. The officials said the problem they face is essentially handling a “kids’ fistfight.” They must find a way to soothe everyone’s pride, and build bridges across a bottomless sea of distrust. The report said they are communicating with religious figures and diplomats, while also talking with military commanders—clearly alluding to the Islamic Revolutionary Guard Corps (IRGC).

Iraq granted permission to pass through the Strait of Hormuz

With rumors that Iran has exempted Iraq—allowing it to transit the Strait of Hormuz without any restrictions—Reuters reported that Iraq’s State Oil Marketing Organization (SOMO) has asked its clients to submit their crude oil lifting plans within 24 hours.

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

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

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

Strait of Hormuz immediate vessel traffic conditions

The document continued: “We hereby reaffirm that all loading terminals, including the Basra oil port and its related facilities, remain fully operational. SOMO is fully prepared to carry out all contract lifting plans without restriction.”

On Sunday, Trump posted on social media Truth Social: “Tuesday, 8:00 P.M. Eastern Time! (Tuesday, 8:00 p.m. Eastern Time!)”, hinting that this is the deadline.

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

Worth noting is that with the situation in the war room becoming urgent, any piece of information could reverse the current market conditions.