By Angus Berwick
Stocks wavered and oil prices rose as investors awaited more details on whether the Middle East war would pause or intensify this week.
Oil prices moved about 2% higher after Trump started an afternoon press conference, saying of Iran: "The entire country can be taken out in one night, and that night might be tomorrow night."
Iran on Monday rejected a U.S. plan to end the war, issuing its own 10-point response via Pakistan, according to Iran's state news agency IRNA.
President Trump said Iran's counter proposal wasn't good enough for a cease-fire, but that "it's a significant step."
The developments followed a weekend in which the Trump administration pushed for a potential 45-day cease-fire with Iran while the president posted escalatory rhetoric on social media.
Trump said over the weekend that the U.S. would bomb civilian infrastructure in Iran if a deal to reopen the Strait of Hormuz wasn't reached by Tuesday.
U.S. oil futures rose about 2% in choppy trading Monday to about $114 a barrel. Traders are paying a premium for WTI crude, a reflection of the huge supply shortfall in the market right now.
The three major U.S. stock indexes pared modest gains druing Trump's press conference.
In recent trading:
--The dollar fell against a basket of currencies.
--Gold rose less than 1%.
--Bitcoin strengthened to $70,000.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
April 06, 2026 14:22 ET (18:22 GMT)
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