Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
U.S. President Donald Trump has extended the Iran ceasefire deadline, which seems to have added a fresh layer of uncertainty to the Mideast conflict as Tehran signals reluctance to engage in diplomatic efforts.
Separately, don’t miss coverage of CNBC’s CONVERGE LIVE event that kicks off in the Lion City, featuring conversations on the future of global investment, leadership, technology and sustainability.
Prominent participants headlining day one include Singapore’s deputy prime minister Gan Kim Yong, CEO of Capital Group Mike Gitlin and Tan Su Shan, CEO of Southeast Asia’s largest bank, DBS.
Enjoy!
What you need to know today
U.S. President Donald Trump is hoping that some of the firms that had to pay his tariffs will adhere to a ‘no take back’ policy.
Speaking to CNBC’s “Squawk Box” on Tuesday, Trump said he would gratefully “remember” U.S. companies that do not seek refunds for the tariffs he imposed, which were ruled illegal by the country’s Supreme Court.
Several large companies, among them Apple and Amazon, have yet to file requests for refunds for the tariffs they paid.
Trump’s comments came a day after the U.S. Customs and Border Protection opened a portal for importers to seek more than $160 billion in potential refunds.
On the geopolitical front: Trump extended his two-week U.S. ceasefire with Iran, saying the extension was warranted due to Tehran’s government being “seriously fractured.” Trump told CNBC he expects the U.S. to make a ‘great deal‘ with Iran.
Stock futures of major U.S. indexes rose after Trump extended the ceasefire, after markets closed lower Tuesday, as crude oil prices gained.
Asia-Pacific markets, however, opened broadly lower Wednesday as concerns grow that the Middle East conflict could drag on.
Supply chain issues stemming from the conflict in the Middle East have continued to rear their heads, with United Airlines slashing its 2026 earnings outlook Tuesday as it grapples with a surge in jet fuel prices.
In tech news, SpaceX said it has struck a deal with AI startup Cursor, obtaining the right to acquire the company for $60 billion later this year, or to pay $10 billion.
— Dylan Butts
And finally…
A timeline of how the Iran war shook oil prices — and what comes next
Oil markets have lurched from panic to relief and back again since the outbreak of war in the Middle East, with markets bracing for further volatility.
Prices surged more than 55% since the start of the war, with Brent crude jumping from around $72 a barrel on February 27 to nearly $120 at its peak, as fears mounted over supply disruptions through the Strait of Hormuz. Brent crude jumped 51% in March, one of the largest one‑month oil price surges on record.
Headlines about the war led to oil notching its biggest daily gain since the Russia-Ukraine war, while others sent Brent crude to its biggest daily drop in decades.
Here are some of the key moments that oil reacted to since the start of the U.S.-Israeli war against Iran, and where it might go next…
— Emma Graham, Lee Ying Shan
By CNBC