Oil Dips, US Stocks Edge Upward As Pakistan Requests Two Weeks Extension On Iran Deadline

• Sharif said that efforts to reach a peaceful settlement on the war in the Middle East were in progress, with potentially substantive results in near future. 
• Trump had issued a warning to Iran earlier on Tuesday about striking the country. 
• A recent report from Reuters, which cited a senior Iranian official, said that Iran was positively reviewing Pakistan’s request.

Oil prices declined in Tuesday’s post-market hours, while U.S. stocks edged higher after Pakistan’s Prime Minister Shehbaz Sharif urged President Donald Trump to extend the deadline for strikes on Iran by two weeks, while also asking Iran to reopen the Strait of Hormuz.

Brent crude futures expiring in June 2026 fell more than 2.6% to $106.89 per barrel, while WTI crude futures expiring in May 2026 dipped about 0.5% to $111.84 per barrel.

The United States Oil Fund ETF (USO) lost about 1.17% in extended trading hours, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was down about 0.76% at the time of writing.

Meanwhile, stock markets edged higher. The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, climbed up 0.03% in after-hours trading, the Invesco QQQ Trust ETF (QQQ) edged 0.06% higher; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) was up 0.16%.

Diplomatic Efforts

In a post on X, Sharif said that efforts to reach a peaceful settlement on the war in the Middle East were in progress, with potentially substantive results in near future.

“To allow diplomacy to run its course, I earnestly request President Trump to extend the deadline for two weeks,” he said, adding that, “Pakistan, in all sincerity, requests the Iranian brothers to open Strait of Hormuz for a corresponding period of two weeks as a goodwill gesture.”

“We also urge all warring parties to observe a ceasefire everywhere for two weeks to allow diplomacy to achieve conclusive termination of war, in the interest of long-term peace and stability in the region,” Sharif said.

Pakistan and Egypt have been playing mediator between the U.S. and Iran amid the war that is now in its 39th day.

Trump’s Ultimatum

Meanwhile, Trump issued a warning to Iran on Tuesday via a Truth Social post, saying that he would strike the country, leading to a situation where the “whole civilization will die tonight,” while also adding that though he did not want it to happen, it probably would.

He also reportedly confirmed to Fox News that the plans to strike Iran's infrastructure were on, reiterating that the 8 p.m. deadline to reopen the Strait was still applicable.

Meanwhile, Iran has remained steadfast in its stance, rejecting a ceasefire proposal and continuing to block the important shipping route. However, a recent Reuters report, citing a senior Iranian official, said Iran was reviewing Pakistan’s request.

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