Markets rally, energy prices dip after strikes on Iran paused

President Trump extended his deadline for Iran to reopen the Strait of Hormuz, delaying potential strikes on Iranian power plants for five days amid reports of productive negotiations. While Trump suggested progress and a possible wind-down of the Iran operation, Iranian officials denied any talks and dismissed the threats as hollow. In response, Iran threatened to target power installations belonging to the US and its allies across the region. Global energy prices dipped and stock futures rose as markets anticipated the outcome of the five-day ultimatum, which expires at week's end.