Trump Hormuz Deadline LIVE Updates: Trump says Tehran's ceasefire proposal ‘not good enough’

The US stock market showed only cautious movement on Monday, while oil prices fluctuated sharply ahead of a deadline set by Donald Trump regarding potential strikes on Iranian power facilities, as per AP.

The S&P 500 rose slightly by 0.3% in midday trading, building on its first weekly gain in six weeks. Meanwhile, the Dow Jones Industrial Average gained about 100 points, or 0.2%, as of 12:30 p.m. Eastern time, and the Nasdaq Composite climbed 0.4%.

At the same time, oil prices moved up and down amid ongoing uncertainty surrounding the conflict with Iran and its potential impact on global supplies of oil and natural gas. Iran on Monday rejected the latest ceasefire proposal, calling instead for a permanent end to the war, though negotiations may still be ongoing.

Donald Trump, who had already extended his original deadline, did not suggest he would grant any further extensions, as per Reuters.

“Highly unlikely. They've had plenty of time. In fact, they asked for seven days. I said, I'm going to give you 10. But at the end of 10, all hell's going to break out if you don't get there,” he told reporters while attending the annual White House Easter Egg Roll.

Iran rejects a proposed ceasefire as Donald Trump ramped up his threats less than two days before the US president’s warning to re-open the Strait of Hormuz or face further attacks on civilian infrastructure, according to Bloomberg.

Trump told reporters Monday at the White House, “They don’t want to cry, as the expression goes, ‘uncle,’ but they will, and if they don’t, they’ll have no bridges." He added that it was “highly unlikely” that he’d move the deadline again.