WASHINGTON, DC, USA – APRIL 6: US President Donald Trump holds a press conference in the James S. Brady Press Conference Room at the White House on April 6, 2026 in Washington, DC, USA.
Celal Gunes | Anadolu | Getty Images
Hello, my name is Dylan Butts from Singapore. Welcome to another edition of CNBC’s Daily Open.
Markets rallied after US President Donald Trump announced an 11th-hour ceasefire on Tuesday night to avoid expiring a deadline under which Iran would reopen the Strait of Hormuz or face attacks on civilian infrastructure.
The remarks came after Trump escalated his threats, warning that if his demands were not met, “an entire civilization” would be “annihilated” and Iran would return to the “Stone Age.”
Iranian officials have since confirmed that their government will abide by the ceasefire and allow safe passage through the Strait of Hormuz, a key artery for global oil flows.
What you need to know today
U.S. stock futures soared and oil prices fell after President Trump announced a two-week halt to attacks on Iran just before the 8pm ET deadline to reopen the Strait of Hormuz.
“We agree to a two-week moratorium on bombing and attacks on Iran,” President Trump posted on Truth Social. “We have received a 10-point proposal from Iran that we believe provides a viable basis for negotiations.”
President Trump also pointed out that a “two-sided” ceasefire is conditional on Iran agreeing to open the Strait of Hormuz.
A statement issued by Iran’s foreign minister on behalf of the Supreme Council of National Security said that once attacks against Iran cease, Iran will cease defensive operations and allow safe passage through the Strait of Hormuz in coordination with its armed forces and “with full consideration of technical limitations.”
The development came after President Trump increasingly warned that if the deadline was not met, Iran would face a major attack on Iranian civilian infrastructure that could be considered a war crime.
The president also went so far as to say that unless a deal is reached, “tonight, the entire civilization will perish and never rise again,” drawing condemnation from U.S. lawmakers on both sides of the aisle.
President Trump said Pakistan called for a two-week halt to the conflict and played a role in brokering an agreement.
President Trump said earlier Tuesday that for Iran to meet the deadline, it would need to agree to “a deal that I can accept,” and that part of the deal would include calls for free flow of oil and everything else.
Iranian state media reported that the ceasefire was due to President Trump’s acceptance of the Iranian government’s 10-point plan.
Negotiations involving the United States, Iran and Middle East regional mediation bodies have so far focused on a long-term ceasefire reportedly lasting up to 45 days, but a White House official told CNBC on Monday that President Trump does not support the plan and that Iran has explicitly rejected a temporary ceasefire in favor of a permanent end to hostilities.
The pause in the conflict came shortly after U.S. forces attacked military targets on Kharg Island, Iran’s main oil export terminal, a White House official told CNBC.
Markets are already showing cautious optimism, with major US indexes posting modest gains on Tuesday.
Oil prices were relatively stable for much of Tuesday’s early trading, but plunged more than 14% to below $100 a barrel.
The reprieve could bring relief to global markets and supply chains that have been strained by conflict-related disruptions to oil distribution.
A missile attack from Iran on Tuesday reportedly caused a fire at Saudi Arabia’s Jubail complex, the country’s largest industrial hub and home to major refining, petrochemical and carbon capture facilities.
Iran reportedly said the attack was a response to attacks on some of its petrochemical plants associated with the country’s giant South Pars gas field.
The impact of the oil supply outage continues to spread. U.S. jet fuel prices have nearly doubled since the start of the war, and some airlines are considering cutting flights, especially on international flights.
— Dylan Butts
And finally…
Elon Musk seeks removal of OpenAI CEO Sam Altman as part of lawsuit
Elon Musk is seeking to remove OpenAI CEO Sam Altman and president Greg Brockman from the company’s board as part of a lawsuit scheduled to go to trial later this month.
In a legal filing Tuesday, Musk’s lawyers laid out specific remedies their client is seeking if a judge and jury decide that Altman and OpenAI defrauded Musk, the world’s richest man.
“Plaintiffs will seek an order removing Mr. Altman as a director of the OpenAI nonprofit board and removing both Mr. Altman and Mr. Brockman as directors of the for-profit OpenAI,” Musk’s lawyers said in a Tuesday filing. “Removing a charity’s officers or directors is a common remedy when they are unable to protect or carry out the charity’s public mission.”
— Laura Kolodny
