Market news: Trump said Iran is in trouble and in a very difficult situation.

The deputy governor of the Central Bank of Indonesia stated that the bank will prudently, continuously, and promptly utilize all monetary policy tools to safeguard the Indonesian rupiah.

Geopolitics & Iran Conflict • Talks between the United States and Iran failed to reach a resolution over ending the war, Vice President JD Vance announced after more than 20 hours of negotiations • Trump says US will blockade Strait of Hormuz after Iran talks end without a deal • The US military says it will begin naval blockade in Strait of Hormuz at 10 a.m. ET Monday • Iran Foreign Minister said that talks with the United States stalled after Iran encountered “maximalism” and “shifting goalposts.” • Tehran has vowed to retaliate against any military vessels in the strait • Iran's Revolutionary Guard issues direct warning to military ships nearing Strait of Hormuz • Iranian officials said they resisted three “unreasonable demands” from the US during negotiations • Regional officials familiar said diplomatic channels between the US and Iran remain open, with a second round of talks possible within days • Sources said Iran is not in a hurry to resume negotiations with the US • Iran’s parliament is advancing a new proposal to ban fleets from “hostile countries” from transiting the Strait of Hormuz • Iranian media reported that two US vessels attempted to pass through the Strait of Hormuz but were forced to retreat • The UK will not join any Trump blockade of the Strait of Hormuz Energy & Commodities • An Iranian oil ministry official said damaged refineries are expected to restore at least 70% of prior capacity within one to two months • Spot gold and silver opened lower Monday, with gold down $70 to $4,673/oz and silver falling more than 3% • International crude surged at the open, with WTI rising 9.4% to $104.54 a barrel Trade & Policy • Trump said the US will not allow Iran to profit from oil sales Global Politics • Hungary’s Viktor Orban, an ally of Trump and Putin, conceded to Magyar’s Tisza after projections showed the opposition winning a two-thirds majority Corporate & China • JD.com denied entering the ride-hailing sector, saying it is testing a new project set to launch on April 13