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Trump's 48-Hour Ultimatum to Iran Over Hormuz Strait Sparks Global Market Turmoil

President Trump has given Iran 48 hours to reopen the Strait of Hormuz, threatening to destroy Iranian power plants. Iran has warned it will target U.S. energy infrastructure and financial supporters in response. This has caused Asian stock markets to fall sharply and oil prices to fluctuate. UK Prime Minister Keir Starmer is holding an emergency meeting to assess economic risks. Separately, an Air Canada plane collided with a fire truck at LaGuardia airport, with passenger details pending.

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Trump's 48-Hour Ultimatum to Iran Over Hormuz Strait Sparks Global Market Turmoil

President Donald Trump has issued a 48-hour ultimatum to Iran to fully reopen the Strait of Hormuz, threatening to obliterate Iranian power plants. Iran has retaliated with warnings of targeting U.S. energy infrastructure and financial entities, causing sharp declines in Asian stock markets and volatile oil prices.

Trump's Ultimatum

On March 11, 2026, President Trump demanded that Iran immediately reopen the strategic Strait of Hormuz by 19:55 Eastern Time, threatening military action against Iran's power plants if the deadline is missed.

Iran's Response

Iran's leadership issued counter-warnings, including:

  • Targeting U.S. energy and desalination facilities in the Gulf region.
  • Identifying financial institutions supporting the U.S. military budget as legitimate targets.
  • Stating that buyers of U.S. Treasury bonds are effectively funding strikes against their own assets.
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Market Impact

Geopolitical tensions have disrupted global markets:

  • Stock markets in Japan and South Korea led significant declines in Asia.
  • Oil prices surged before turning negative during early Monday trading.
  • Futures for European and U.S. markets are pointing to further losses.

International Reactions

UK Prime Minister Keir Starmer is chairing an emergency meeting with Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey to discuss economic fallout. This follows a call with President Trump on the importance of reopening the strait.

Other News

An Air Canada aircraft collided with a fire rescue truck upon landing at New York's LaGuardia airport. Details on passenger welfare have not been released yet.

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