President Trump announced a 10-day delay in the deadline for Iran to open the Strait of Hormuz, citing progress in peace negotiations. The postponement came hours after Trump warned Iran to abandon its nuclear program or face continued U.S. military action. The delay provided modicum of relief for markets that had suffered their worst daily decline since the war began.

Steve Witkoff, Trump's lead negotiator, reported receiving "strong signs" of Iran's willingness to negotiate after presenting a 15-point peace plan through Pakistani mediators. The diplomatic efforts come amid escalating tensions, including Israel's assassination of Iran's naval commander who led the strait blockade. Iran retaliated with missile and drone strikes toward Israel and Gulf states, killing two people in Abu Dhabi.

European officials expressed concern about potential Russian drone transfers to Iran, while the crypto market faced scrutiny after a major exchange failed to trace over a billion dollars linked to Iranian accounts. The administration briefly shifted focus from Iran during a cabinet meeting, with Trump pausing to praise his preferred pen. The ongoing conflict continues to rattle global markets and regional stability as diplomatic channels remain open.