Markets on Edge as Oil Tops $110 Ahead of Trumps Iran Deal Deadline

President Donald Trump speaks during a news conference in Washington, on April 6, 2026. Alex Wong/Getty ImagesOil prices held above $110 a barrel and global stocks wavered on April 7, as markets braced for potential escalation in the Middle East after President Donald Trump set a deadline for Iran to reopen the Strait of Hormuz.Trump threatened on April 5 that Tuesday would be “Power Plant Day” and “Bridge Day,” where infrastructure of that kind would be targeted by U.S. forces if Iran did not open the Strait of Hormuz. Trump has set an 8 p.m. ET deadline for a deal to be reached.