Mashadipati: Trump backs off Iran threats

US President Donald Trump postponed threatened strikes against Iranian energy infrastructure and power plants for five days, pending the outcome of what he said were talks with Iran to end the war. The delay came after Trump's original threat on Saturday to "hit and obliterate" Iran's power plants, beginning with the biggest one, if it didn't reopen the Strait of Hormuz to commercial ship traffic within 48 hours.

Both sides are keen to "make a deal," Trump told reporters on Monday — but Iran denied that negotiations are taking place. The semi-official Fars news agency reported there hasn't been "direct or indirect communication" with the US leader. Government officials have yet to comment.

Still, the Trump post triggered a wild reversal in markets. While Brent crude oil pared its decline after Iran denied the discussions, it still dropped 11% to settle at $99.94 a barrel. The S&P 500 added 1.2%. Treasury yields and the dollar retreated, with traders backing off some of their more hawkish Federal Reserve bets and pricing in a few basis points worth of easing this year. — Jordan Parker Erb

What You Need to Know Today

Two Indian-flagged vessels carrying more than 92,600 tons of liquefied petroleum gas were making their way through the Strait of Hormuz, ship-tracking data show, following a route taken by other ships approved by Iran that hews closely to the country's coastline. The two vessels had earlier signaled Indian ownership with their transponders instead of a destination — a precautionary measure followed by other ships making the crossing. India has been facing acute shortages of LPG and the nation has been in talks with Tehran to secure cargoes of the fuel, used primarily as cooking gas.

Meanwhile, an oil supertanker hauling 2 million barrels of Iraq's crude got through the Strait of Hormuz, the first vessel observed moving Baghdad's oil through the vital waterway since it all but closed to commercial shipping. The Omega Trader, managed by Japan's Mitsui OSK Lines Ltd, signaled over the past few days that it reached Mumbai, tanker tracking data compiled by Bloomberg show. Its prior signal before reaching the Indian port city had been from inside the Persian Gulf more than 10 days ago.

Pete Hegseth calls on a reporter while answering questions during a press briefing at the Pentagon on March 19.

Middle East

Iran Is the First War of the Social-Media Age. It's a Black Box

Internet blackouts have been imposed in Iran. In Gulf states, filming damage from the war is banned. Israel's restrictions on reporting have been expanded. In the US, President Donald Trump makes contradictory statements on Truth Social while Defense Secretary Pete Hegseth has attacked the press for questioning the war's progress. The result is difficulty in reporting what is happening in the conflict zones in real time.

The US Supreme Court signaled a divide over Republican calls to require mail-in ballots to arrive by Election Day, with key justices voicing concern about the impact the case might have on early voting. In a hearing that lasted more than two hours Monday, the court grappled with a Mississippi law that allows mail-in ballots to be counted as long as they arrive within five business days of Election Day. A ruling toppling the measure, which Republicans say is incompatible with federal law, would upend similar grace periods in as many as 29 states.

Apple is preparing to introduce advertising in its Maps app, part of a broader push to generate more money from services. An announcement could come as early as this month, according to people with knowledge of the matter. The system will operate similarly to advertising in Google Maps, allowing retailers and brands to bid for ad slots against search queries, said the people.

Shayne Coplan and Tarek Mansour Photographer: Kent Nishimura/Bloomberg

Markets

Kalshi, Polymarket Founders Back New Prediction Market VC Fund

A new venture capital fund focused on prediction markets is launching with initial investments from a long list of prominent investors including two of the industry's biggest players, Polymarket's Shayne Coplan and Kalshi Inc.'s Tarek Mansour, according to an investment document viewed by Bloomberg News.

New York's LaGuardia Airport was closed for much of the day on Monday after an Air Canada Express plane collided with a fire truck in a crash that killed two pilots and injured more than 40 people. Meanwhile, Newark Liberty International Airport halted operations for about an hour Monday morning following a tower evacuation. Arrivals and departures were paused after air traffic controllers evacuated the tower at about 7:30 a.m. because of a burning smell coming from an elevator, the Federal Aviation Administration said.

Politics

Trump Administration Asks Supreme Court to Halt DOGE Inquiry

The Trump administration asked the US Supreme Court to block a government watchdog group from questioning a senior official and obtaining internal records about the Department of Government Efficiency project once led by Elon Musk.