A White House official told me the plan for a 45-day ceasefire between the U.S. and Iran is "one of many ideas” being discussed at the moment; “The President has not signed off on it. President Trump will speak more at 1pm EDT”, via Axios' Ravid

The mention of a potential 45-day ceasefire between the U.S. and Iran, while not yet formalized, signals that diplomatic discussions are ongoing. This uncertainty may contribute to market volatility, particularly impacting energies and equities, as traders parse any forthcoming remarks by President Trump for clarity on U.S. foreign policy. Given the geopolitical significance, both risk assets and safe havens could react to further developments in this situation.