‘Period of destruction’ paused after Iran’s ‘present’

Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.

These days, a deadline is rarely a deadline. U.S. President Donald Trump has paused his “period of energy plant destruction” by 10 days until April 6, while claiming Iran’s permission to allow passage of 10 ships through the Strait of Hormuz show signs of progress towards peace.

Markets may need more convincing. Oil prices have retreated, but there are no signs of a broader relief rally this morning.

President Donald Trump has extended a pause on potential U.S. attacks on Iran’s energy facilities to April 6, though he warned Iranian negotiators to “get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty.”

The president also labeled Iranian negotiators as “very different” and “strange,” claiming they were “begging” the U.S. to make a deal to end the now four-week war.

Trump had previously warned that the U.S. would decimate Iranian energy facilities unless Tehran opened the vital Strait of Hormuz — something the president signaled is starting to happen. 

He said Thursday that Iran had allowed 10 oil tankers to pass through the strait this week as a “present” and a sign of good faith to the U.S. Tehran has not publicly commented on the matter. 

Oil prices fell in early trade Friday, with Brent and WTI on track for the steepest weekly drop in six months, according to Reuters. Mixed trade across Asia gives the impressions markets remain unconvinced by extended peace talks, while early indicators suggest gains for major markets in Europe and the U.S.

In corporate news, a federal judge in San Francisco granted Anthropic’s request for a preliminary injunction in its lawsuit against the Trump administration. 

Judge Rita Lin issued the ruling on Thursday, two days after lawyers for the artificial intelligence startup and the U.S. government appeared in court for a hearing. Anthropic sued the administration to try to reverse its blacklisting by the Pentagon and Trump’s directive banning federal agencies from using its Claude models.

“Punishing Anthropic for bringing public scrutiny to the government’s contracting position is classic illegal First Amendment retaliation,” Lin wrote in the order. A final verdict in the case could still be months away. 

— Leonie Kidd