WASHINGTON DC, UNITED STATES – APRIL 6: The United States President Donald Trump holds a Press Conference in the James S. Brady Press Briefing Room at the White House on April 6, 2026, in Washington DC, United States. <\/p>\n
Celal Gunes | Anadolu | Getty Images<\/p>\n
Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.<\/p>\n
Markets rallied after U.S. President Donald Trump announced an 11th-hour cease-fire on Tuesday evening, averting the passing of a deadline for Iran to reopen the Strait of Hormuz or face strikes on its civilian infrastructure.\u00a0<\/p>\n
The off-ramp came after Trump had escalated his threats, warning that “a whole civilization” would “die” and Iran would be back to the “Stone Ages,” if his demands were not met.\u00a0<\/p>\n
An Iranian official has since confirmed Tehran would abide by the ceasefire and allow safe passage through the Strait of Hormuz, a key artery for global oil flows.<\/p>\n
What you need to know today<\/p>\n U.S. stock futures surged<\/a> and oil prices fell after<\/a> Trump said he would suspend attacks on Iran <\/a>for two weeks, just before his 8 p.m. ET deadline tied to reopening the Strait of Hormuz.<\/p>\n “I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump posted<\/a> on Truth Social. “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”<\/p>\n Trump also noted that the “double sided” ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz.<\/p>\n A statement <\/a>from Iran’s Minister of Foreign Affairs, on behalf of the Supreme National Security Council, said Tehran would stop its defensive operations if attacks against it cease, and that it would allow safe passage through the Strait of Hormuz subject to coordination with its Armed Forces and with “due consideration of technical limitations.”<\/p>\n The development comes after Trump had stepped up warnings that Iran would face massive strikes on its civilian infrastructure \u2014 which could be considered a war crime<\/a> \u2014 if the deadline was not met.\u00a0<\/p>\n The President had also gone so far as to say that “a whole civilization will die tonight<\/a>, never to be brought back again” if no agreement was reached, drawing condemnation<\/a> from U.S. lawmakers on both sides of the aisle.<\/p>\n Pakistan had sought a 2-week pause<\/a> in the conflict and played a role in mediating the deal, according to Trump.\u00a0<\/p>\n Earlier on Tuesday, Trump had said that for Iran to stave off the deadline, it would have to agree to “a deal that’s acceptable to me, and part of that deal is going to be, we want free traffic of oil and everything else.”<\/p>\n Iranian state media has framed the ceasefire as Trump backing down and accepting Tehran’s 10-point plan.\u00a0<\/p>\n Negotiations involving the U.S., Iran and regional mediators in the Middle East had previously centered around longer ceasefire proposals \u2014 reportedly up to 45 days \u2014 but a White House official told CNBC<\/a> on Monday that Trump did not back that plan and Iran had explicitly rejected any temporary truces in favor of a permanent end to hostilities.<\/p>\n The pause in the conflict came shortly after U.S. forces struck military targets on Kharg Island<\/a>, Iran’s main oil export<\/a> terminal, a White House official told CNBC.<\/p>\n Markets had already shown cautious optimism, with major U.S. indexes posting slim gains<\/a> Tuesday.\u00a0<\/p>\n Oil prices, which had been relatively stable earlier in the session for most of Tuesday, plunged<\/a> over 14% to below $100 a barrel.<\/p>\n The reprieve could provide relief for global markets and supply chains, which have been strained by disruptions to oil flows from the conflict. <\/p>\n Missile strikes from Iran on Tuesday had reportedly <\/a>sparked a fire at Saudi Arabia’s Jubail complex, the country’s largest industrial hub and home to major refining, petrochemical and carbon capture facilities.<\/p>\n Iran reportedly said the attack was in response to attacks on some of its petrochemical plants linked to its massive South Pars gas field.\u00a0<\/p>\n Impacts from oil disruptions have continued to spread. U.S. jet fuel prices have nearly doubled since the start of the war, prompting some airlines to consider cutting flights<\/a>, especially on international routes.<\/p>\n \u2014 Dylan Butts\u00a0<\/p>\n And finally…<\/p>\n Elon Musk seeks ouster of OpenAI CEO Sam Altman as part of lawsuit<\/a><\/p>\n Elon Musk<\/a> is seeking to have OpenAI CEO Sam Altman and President Greg Brockman removed from their roles as officers in the company as part of a case that’s expected to go to trial later this month.<\/p>\n