S&P 500 Reverses Green As Pakistan Asks Trump To Extend Iran Deadline By Two Weeks

S&P 500 E-mini futures erased all intraday losses and turned positive after Pakistan PM Shehbaz Sharif publicly requested Trump extend his 8 PM ET deadline for Iran by two weeks. Sharif also called on Iran to reopen the Strait of Hormuz as a goodwill gesture during the same period. Brent crude dropped to $107 from $109.27 on the news.

A senior Iranian official told Reuters that Tehran is "positively reviewing" the proposal. The White House confirmed Trump has been made aware and said a response will come. Pakistan has been the primary mediator between the U.S. and Iran, with Field Marshal Asim Munir speaking directly to VP Vance and Iran's foreign minister.

The proposal offers both sides a diplomatic off-ramp after five weeks of war that has killed over 2,000 in Iran, sent oil prices doubling in 2026 and pushed U.S. gas to $4.14 per gallon. Trump had threatened to destroy Iran's bridges and power plants if no deal was reached by tonight.