Iran rejected the ceasefire a day before the deadline. Brent back above $110 per barrel

Iran has rejected a proposal by the United States and regional mediators for a 45-day cessation of hostilities in exchange for the opening of the Strait of Hormuz and insists on a "complete end to the war," the Financial Times quoted the Islamic republic's state news agency IRNA as saying. It was circulated a day before the deadline US President Donald Trump announced to Tehran, saying Iran would have "no power plants or bridges left" if no agreement was reached by Tuesday evening.

Speaking at a press conference on Monday, April 6, Trump repeated the threat: "The whole country can be destroyed overnight, and that night could be tomorrow." At the same time, he reassured again that negotiations are ongoing and reiterated that opening the Strait of Hormuz is a "very important priority" for the upcoming deal.

As Trump spoke, US stock indices slowed down. The S&P 500 is now adding less than 0.1%, while before it was up almost 0.3%. The blue-chip Dow Jones Industrial Average lost almost all of its morning gains. The tech-heavy Nasdaq Composite is up about 0.1%.

Brent crude futures rose 1.7% at the same time, jumping above $110 per barrel. They were pressured by The Wall Street Journal, which wrote, citing several U.S. officials, that the U.S. military is preparing for possible strikes on Iran's energy infrastructure, Bloomberg explains. WTI futures rose 2% to $113 per barrel.

A little earlier, the U.S. leader said Iran had made a counter "significant offer" to end the war, but it was "not enough." The operation could end "very quickly" if the Iranians "do what they have to do," Trump said.

According to IRNA, the Islamic republic conveyed the waiver and its ten-point conditions through Pakistan, which mediates between the two sides. Tehran is seeking the lifting of sanctions and a "protocol" for safe passage of ships through the Strait of Hormuz, Reuters reported.

Investors in the stock market remain "extremely focused" on geopolitics and are "waiting for the next shoe to drop," Mike Reynolds, vice president of investment strategy at Glenmede, told MarketWatch. "There's a lot of uncertainty right now about what the next couple days might look like. The markets seem to be a little hesitant and not willing to bet to either side as to how things will end up," the strategist commented.

This article was AI-translated and verified by a human editor