Trump Threatens Iran; Oil Surges; SpaceX IPO Nears

ET, causing oil prices to extend gains, while SpaceX outlined IPO details targeting a June roadshow, and Artemis II astronauts set a new human spaceflight distance record. President Trump stated Iran "can be taken out in one night," targeting energy and transportation infrastructure, and described Iran's latest ceasefire proposal as "not good enough." Despite this, he also noted Iran as an "active, willing participant" in negotiations.

Shipping through the Strait of Hormuz slowly resumed with eight tankers on Monday, a significant increase from fewer than two daily in March, but still a fraction of the 20 million barrels per day transiting in 2025, according to S&P Global Market Intelligence. Equities in Asia-Pacific whipsawed, and futures indicated a mixed picture for Europe and a negative open for the U.S. Separately, SpaceX, led by Elon Musk, reportedly detailed its IPO plans, aiming for an early June roadshow with a large portion of shares for retail investors, as reported by Reuters.

The Artemis II crew surpassed Apollo 13's distance record of 248,655 miles (400,171 kilometers) during a lunar flyby.