CNBC Daily Open: Trump's deal seems to be in dire straits

In this report from CNBC's Daily Open, the United States and Iran's potential deal appears to be faltering as the deadline approaches. U.S. President Donald Trump had expressed optimism about concluding the agreement by Thursday, but Iran's recent actions raise doubts over the likelihood of an accord. Iran announced a plan for ships to transit the Strait of Hormuz, with the U.S. and Israel barred from using the waterway until damages are compensated.

However, Washington dismissed the proposal, stating that any temporary routes would not face any restrictions such as approvals, permissions, tolls, or charges.

The market reaction to the situation is noteworthy, with oil prices rising as a consequence of the tensions. Brent futures surged 3.8% to close at $82.49 per barrel on Thursday, while U.S. West Texas Intermediate gained approximately 2.8% to settle at $77.29. Oil prices continued to climb in Asian trading sessions on Friday, underscoring the impact of the ongoing dispute.

It's not just oil that is experiencing an upturn; copper, a crucial metal utilized in construction, electronics, transportation, and AI applications, reached a record high of around $6.90 a pound on Thursday. The price increase is attributed to supply constraints and growing demand for electrification.

Away from the Iran issue, the focus shifts to SpaceX, which has seen its stock rise following the first tranche of its locked-up shares becoming available for trading. Shares are approximately 50% below their mid-June peak. Meanwhile, SoftBank shares faced pressure, with the stock sliding nearly 5% during early trade on Friday. Despite an earnings beat, investor sentiment was not bolstered due to the AI company's performance.