President Trump is set to review a draft agreement with Iran alongside his advisers, with a decision potentially arriving as soon as Sunday. The alternative, as Trump himself has signaled, is military action on “a moment’s notice.”

The draft deal and the deadlines

The current draft agreement covers a sprawling set of issues: nuclear weapons capability, a ceasefire, sanctions relief, normalization procedures, and the reopening of the Strait of Hormuz.

Iran has provided feedback on several US proposals. US officials have labeled Iran’s responses “totally unacceptable.”

This isn’t the first deadline Trump has imposed. Earlier in 2026, the administration set a 60-day ultimatum for Iran to accept terms. When that passed without resolution, a 10-day ultimatum followed. Then came a Tuesday night deadline more recently.

Oil above $112 and what it means for markets

Oil prices have risen above $112 amid the heightened tensions and rhetorical escalation through April 2026.

The Strait of Hormuz, one of the key negotiation points in the draft agreement, is the world’s most important oil chokepoint. Roughly one-fifth of global petroleum consumption passes through its narrow waters on any given day.

Crypto’s quiet resilience

Bitcoin, ether, and solana have all shown steady price action despite the broader market volatility tied to the Iran conflict.

Traders on prediction platforms like Polymarket have been actively pricing the probability of military escalation, creating a real-time sentiment gauge that crypto-native investors are watching alongside traditional news flows.