Trump rejects Iran ceasefire extension; markets jitter

President Donald Trump says there will be no ceasefire extension with Iran as the next 48 hours approach. Speaking to reporters, he called extending the current pause unnecessary and framed the immediate period as potentially decisive. Trump outlined two endgame options. First, a negotiated agreement that could allow Iran to participate in reconstruction. Second, the “destruction” (neutralisation) of Iran’s operational military capabilities, which he described in terms of integrated force-projection systems such as command, logistics, and key weapons platforms. He did not explicitly choose between the two, but noted an agreement could be preferable on humanitarian grounds. He also claimed Iran has undergone internal “regime change,” saying extremist elements in power were eliminated—an assertion that some regional analysts say oversimplifies internal leadership shifts. The statement comes after a 90-day ceasefire began in early March, followed by indirect talks in Vienna and renewed U.S. sanctions pressure in April. Oil markets reportedly reacted with higher volatility, and concerns persist around the Strait of Hormuz, through which roughly 20% of global oil shipments pass. Shipping insurers have reportedly increased war-risk premiums. For traders, the key takeaway is that rejecting a ceasefire extension increases near-term uncertainty and keeps military leverage on the table. This can amplify risk-off moves across macro-sensitive assets, including crypto, during sudden volatility spikes.