Oil falls sharply, stocks rise as Trump extends Hormuz ultimatum

Singapore’s Foreign Minister Vivian Balakrishnan warned on Monday that the war involving Iran has “taken the entire global economy hostage.”

“Right now the closure of the Strait of Hormuz is, in a sense, an Asian crisis,” he said, adding the conflict has put energy supplies and economies at risk.

He also said the war was “not necessary” and raised concerns about its broader impact.

The United Arab Emirates said its air defenses were responding to incoming missile and drone threats from Iran, according to a statement from the defense ministry.

The ministry said sounds heard in the country were the result of interception by air defense systems.

The strikes hit locations in multiple parts of the capital, including Aghdasieh, Majidiyeh and Chizar. It was not immediately clear who had been staying at the sites at the time of the attacks.

The strikes came as eyewitness accounts described a growing security presence nationwide from late Sunday into early Monday, with Basij patrols and checkpoints reported in several cities.

In Tehran, security forces were seen stationed in Park-e Shahed, while witnesses reported the movement of vehicles marked as “Basij Patrol,” contributing to a heavy security atmosphere.

Checkpoints were also reported at the entrances to the industrial town of Arak and across the northern city of Rudsar, while in Sari, witnesses said IRGC forces and equipment had been repositioned within the city.

US President Donald Trump said on Monday he would pause planned strikes on Iranian energy infrastructure, following what he described as “very good and productive conversations” with Tehran.

“Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period,” Trump said.

He said the pause, which follows his earlier 48-hour ultimatum, would be “subject to the success of the ongoing meetings and discussions,” which are set to continue this week.

Cases tied to the January protests have been reviewed, with some reaching final verdicts and now being carried out, Iran’s judiciary said on Monday, warning that those convicted would face no leniency.

“The cases of enemy terrorist elements and the January unrest protesters have been reviewed. Some of these cases have resulted in final verdicts and are being carried out, and several have been implemented in recent days, with further information to be announced.” the first deputy judiciary chief said.

Hamzeh Khalili said those convicted would not receive any clemency and added that the judiciary would deal harshly with people the judiciary has accused of collaborating with the enemy.

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