In his initial threat, he gave Tehran 48 hours to open up the Strait of Hormuz.
President Donald Trump speaks during a Cabinet meeting at the White House, Thursday, March 26, 2026, in Washington. President Donald Trump on Thursday moved to buy himself more time and hold off, once again, on carrying out aA Build America, Buy America law is causing construction delays amid the US housing crisisPro-Iranian hacking group claims credit for hack of FBI Director Kash Patel’s personal accountDietary supplement makers push the FDA to allow peptides and other new ingredients“They asked for seven ,” Trump said in an appearance on Fox News Channel’s “The Five” shortly after he announced on social media he would give Iran until April 6 to reopen the strait.
“And I said, ‘I’m going to give you 10.’”since the war with Iran started. The S&P 500 dropped 1.7%, the Dow Jones Industrial Average dropped 469 points, or 1%, and the Nasdaq composite sank 2.4% to fall more than 10% below its all-time high set early this year.In his initial threat, he gave Tehran 48 hours to open up the strait, a chokepoint for global oil markets. But heThis was not the first time Trump has appeared to have been jostled into adjusting policy in the face of market volatility. Last April, after implementing new tariffs that triggered the worst two-day sell-off for the S&P 500 in five years, TrumpBut on Thursday, Trump bristled at the notion that his team is struggling to find an endgame to the conflict. Speaking to reporters as he met with his Cabinet, he insisted that Iran had already been “decisively defeated.”Iran had effectively dared Trump to follow through on the threat, warning it would retaliate against the region’s vital infrastructure, includingif the U.S. or Israel hit its power plants. Iran also has tightened its grip on the strait, as it seeks to create something akin to aThe uncertain market reaction to Trump’s red line on the strait has left the White House struggling to shape the war’s narrative, with global investors fretting over whether — and how — the president canPresident Donald Trump speaks during a Cabinet meeting at the White House, Thursday, March 26, 2026, in Washington. Earlier on Thursday, Trump claimed he had not decided if he would give Iran more time to fully open the strait. He said it would depend on what his negotiators — envoy Steve Witkoff, son-in-law Jared Kushner, and Vice President JD Vance — reported to him about the state of broader talks to end the war. Trump also insisted Tehran was “begging” for a deal, while at the same time excoriating Iran’s negotiators to “get serious soon, before it’s too late.” Witkoff said the administration was focused on convincing Iran “that this is the inflection point with no good alternatives for them other than more death and destruction.”told Trump’s Cabinet that the administration had received “strong signs” that peace was a possibility, and said that “Iran is looking for an off-ramp” following Trump’s threat on its power plants.“I thought the oil prices would go up more and I thought the stock market would go down more,” Trump said. “Hasn’t been nearly as severe as I thought. I think they have confidence in maybe the American president and maybe the people sitting around this table.’to help protect tankers moving through the strait, saying the U.S. has “so much oil — our country is not affected by this.” While it’s true that the United States doesn’t rely on resources moving through the strait, the price of oil is set on the global market. That hasfor drivers the world over, including the U.S., where the nationwide average price of gas is up more than a dollar from just a month earlier. Treasury Secretary Scott Bessent said that Iran, by restricting oil and natural gas shipped through the strait, is “trying to take control of the global economy through a chokepoint that we believe does not exist.” Bessent’s phrasing was misleading, as the strait is critical, especially for Asia, and energy prices have increased since the war with Iran began. He expressed optimism that more tankers would make it through the Strait of Hormuz. “I am confident that shipping traffic will continue to increase on a daily basis, even before we secure” the strait, Bessent said. Treasury Secretary Scott Bessent speaks during a Cabinet meeting at the White House, Thursday, March 26, 2026, in Washington. Even as the White House continues to insist progress is being made in finding an endgame to the conflict, Trump continues to work to shift more troops to the Middle East.to support operations against Iran, the AP reported earlier this week. The deployment would come atop of some 5,000 Marines who are being shifted to the Mideast. Those forces are over and above the 50,000 U.S. forces already in the region. The surge of Marines and soldiers has fed speculation that Trump is, at the very least, positioning troops to conduct limited ground strikes to secure the banks of the strait or capturePresident Donald Trump speaks during a Cabinet meeting at the White House, Thursday, March 26, 2026, in Washington. Defense experts say U.S. ground forces could certainly capture Kharg and help secure the strait, but the cost could be a war of attrition in which American lives and taxpayer money present a hefty price. “Yes, we could do it, but the question isn’t can we do it?” said Mick Mulroy, a former deputy assistant secretary of defense now with the Middle East Institute in Washington. “It’s — should we do it? And the best route out is going to be diplomacy. I know it’s easier said than done, but diplomacy and negotiations only work if both sides are willing to compromise.” Trump on Thursday also announced that Iran is allowing several Pakistan-flagged tankers through the strait. 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