The main U.S. equity indexes extended their gains and crude oil futures extended their losses on Wednesday amid more talk of peace in the Middle East. Price action during the first trading session of the second quarter, like the last session of the first quarter, was all about hope for opening the Strait of Hormuz.
In yet another pre-opening-bell Truth Social post, President Donald Trump said "Iran's New Regime President" Masoud Pezeshkian, who has held his title since July 2024, "has just asked the United States of America for a CEASEFIRE!" Trump also said the U.S. "will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!"
