On March 11, 2026, an LPG gas tanker is stuck in the Strait of Hormuz in Sinas, Oman, amid the conflict between the United States, Israel, and Iran.
Benoît Tessier | Reuters
Hello, my name is Leonie Kidd and I’m from London. Welcome to another edition of CNBC’s Daily Open.
I don’t know about you, but I find that ultimatums rarely work. But President Donald Trump’s decision to give Tehran a deadline (until 7:55 pm ET tonight) to reopen the Strait of Hormuz could be a turning point in the conflict. For better or for worse.
The market has no idea what to make of the situation, with some stock markets selling off and oil prices turning negative before skyrocketing.
What you need to know today
US President Donald Trump on Saturday issued a tough ultimatum to Iran, threatening to “destroy” Iran’s power plants if it did not fully reopen the Strait of Hormuz within 48 hours.
Iran responded by warning that if the U.S. followed through on its threats, it would target U.S. infrastructure in the Gulf, including energy and desalination facilities.
The speaker of Iran’s parliament also warned that financial institutions that support the US military budget are legitimate targets and that buyers of US debt are buying “attacks on headquarters and assets.”
That creates a chaotic trading environment. Stock prices in Japan and South Korea led the decline in Asia, while futures prices in Europe and the United States have quietly accelerated their decline. Meanwhile, oil prices see-sawed downward in early trading on Monday.
Later today, British Prime Minister Keir Starmer will chair an emergency meeting with Chancellor of the Exchequer Rachel Reeves and Bank of England Governor Andrew Bailey to discuss the economic impact of the Iran war. This follows a phone call between Mr Starmer and Mr Trump in which they discussed the importance of reopening the Strait of Hormuz.
In other news, an Air Canada plane collided with an airport fire rescue vehicle upon landing at New York’s LaGuardia Airport, but MSNow reported that details regarding the passenger’s welfare have not yet been released.
— Leonie Kidd
And finally…
From satellites to space data centers: Why low-Earth orbit attracts billions of dollars in investment
A new layer of critical infrastructure is emerging above our heads.
Low Earth orbit (LEO), defined by NASA as space below 2,000 km altitude, is rapidly evolving from a niche technology area to one of the most strategically important environments of the 21st century.
It underpins global navigation, telecommunications, defense and global connectivity, and is expected to attract a flood of investment.
— Tessa McCann
