Today Is "Bridge Day"
Why it matters: President Trump's 8 PM ET deadline could trigger US strikes on Iranian infrastructure, escalating conflict.
- President Trump has set an 8 PM ET deadline for Iran to open the Strait of Hormuz, threatening 'Power Plant Day' and 'Bridge Day' strikes on infrastructure if no deal is made.
- Iran has vowed to retaliate against energy and water infrastructure in Gulf states if struck, while also proposing a 'maximalist' 10-point peace plan via intermediaries, according to Axios and a US official.
- Axios reported discussions between the US and Iran for a 45-day ceasefire, but prospects for agreement are slim, with Israeli PM Netanyahu reportedly warning Trump against such a deal.
- Global markets are reacting with US equity futures slightly negative, 10-year sovereign yields mostly lower, and haven buying evident in precious metals, the Swiss Franc, and Japanese Yen, while Bitcoin is selling off after a recent rally.
- Oil prices are rising, with WTI front future up 0.7% to $113.15/bbl, and dated-Brent closing at $141.26/bbl, reflecting mounting infrastructure damage from recent strikes by Israel on Iranian petrochemicals and Iran on Saudi Arabia's Al-Jubail industrial city.
Today marks 'Bridge Day,' a deadline set by President Trump for Iran to open the Strait of Hormuz, threatening infrastructure strikes if a deal isn't reached by 8 PM ET. While Trump called Iran's new 10-point peace plan 'significant' but 'not good enough,' Axios reports a US official deemed it 'maximalist,' with Israeli PM Netanyahu warning against a ceasefire.
