Brent is on course for its biggest monthly gain ever but has dipped overnight after a WSJ report that President Trump could be willing to halt the conflict without reopening the Strait of Hormuz by force. Iran strikes a fully laden Kuwaiti oil tanker. The White House says that Trump is still willing to strike a deal with the Iranian regime despite claims he could target energy infrastructure in the country. The Nasdaq is in correction territory following a turbulent session while the Stoxx 600 has suffered its worst monthly performance since March 2020. U.S. Federal Reserve Chairman Jerome Powell offers investors hope saying the central bank’s rates policy is comfortable.

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Oil prices continue to surge as the Iran conflict enters its fifth week. Brent is set for its largest monthly gain ever with the Strait of Hormuz still largely closed. Asian markets are selling off while European futures also point south. President Trump tells the FT he is eyeing Iran’s oil reserves and has signalled he is willing to take over the vital export terminal of Kharg Island. However, he has also commented that a deal with Iran’s leadership remains possible. Australia joins other nations to announce it will be cutting its fuel tax for three months to provide consumer relief.

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President Trump extends his deadline for attacks on Iran's energy infrastructure until April 6th, as talks reportedly continue. The US leader insists Tehran is desperate to end the war, even as it rejects the first US proposal. Oil prices ease and Asian stocks come well off session lows, as investors digest Trump's deadline extension and Iran's move to allow some tankers through the Strait. Futures in Europe and on Wall Street point higher, following Thursday's sell-off. Waiting on Rubio - the US Secretary of State is set to join his G7 peers in France for a second day of talks - as EU's foreign policy chief Kaja Kallas says Russia's involvement in Iran reflects how the conflicts in the Middle East and Ukraine are connected. Anthropic reportedly eyes an IPO as soon as October, as the AI player wins a preliminary injunction in its legal fight with the Department of Defence.

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Iran says it is reviewing a U.S. ceasefire proposal but firmly denies President Trump's claims that talks are underway with Tehran desperate to strike a deal. Stocks fall and oil rises as investors reassess the odds of a ceasefire with former Goldman Sachs CEO Lloyd Blankfein telling CNBC investors should tread carefully. G7 foreign ministers arrive for a key summit in France, as conflicts in the Middle East and Ukraine dominate the agenda. NATO's Supreme Allied Commander for Transformation tells CNBC the military alliance is confronting new forms of warfare and urges Europe to take on a greater leadership role.

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The U.S. government has reportedly provided Iran with a peace proposal even though Tehran continuously denies direct talks are happening. President Trump voices optimism that a deal can be struck. Oil prices fall as a result with Brent settling near the $100-mark while European and U.S. futures move to the green on hopes of de-escalation in the Gulf. Shell CEO Wael Sawan has warned that Europe could face potential fuel shortages by next month should the conflict continue while TotalEnergies CEO Patrick Pouyanné told CNBC at CERAWeek in Houston that refining margins are soaring to unprecedented levels.

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Iran denies it is in negotiations with Washington as President Trump announces he has postponed airstrikes on critical power plants and energy facilities in the country for five days and claims a peace deal could be close. Oil prices rebound following an initial drop in the price of Brent to below $100 for the first time in almost a fortnight on the back of Trump’s comments. US and European futures point south, giving back some of Monday’s gains. Apollo Global caps withdrawals from a $25bn private credit fund after investors sought more than 11 per cent of the total following its first monthly loss in more than three years.

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U.S. and Iran trade threats with President Trump warning he will target power stations should the Strait of Hormuz not be reopened. The Iranian leadership has hit back saying it will target energy and water supply facilities in the Gulf. South Korea’s KOSPI leads losses in Asia while European futures are in the read. Crude prices continue to rise with WTI surpassing the $100-mark once again. And precious metals are also on the decline with last week’s gold price slide the largest in more than 30 years.

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Israel continues to increase air strike on Iran overnight. Prime Minister Benjamin Netanyahu says the country’s uranium enrichment capabilities have been destroyed but signals the possibility of a ground invasion. Central banks across Europe defer any possibility of rate cuts with the ECB and BoE warning that the Middle East conflict has blurred the inflation outlook and will push up energy prices. European Council leaders plead for warring parties in the Gulf to cease attacks on key energy facilities as Hungary vetoes a €90bn loan to Ukraine over halted oil shipments.

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