President Donald Trump said he was in “heated negotiations” to extend his self-imposed 8 p.m. Tuesday deadline for Iran to reopen the Strait of Hormuz after Pakistan’s prime minister made a plea in an 11th-hour attempt to stop the U.S. bombing of Iranian infrastructure.
He did add that he and Pakistani Prime Minister Shehbaz Sharif, who is mediating between the U.S. and Iran, are in talks: “I can say this—that I know him very well. He’s a highly respected man, all over.”
Markets cheered on the headlines. The S&P 500 erased a 1.2% intraday decline to close up, while Brent crude slid to as low as $104.50 after settling near $109. West Texas Intermediate barely fell, however, only 0.4% to $111.93 a barrel.
