Geopolitics: S&P 500 futures turn positive after Pakistan urges Trump to extend Iran deadline by two weeks

S&P 500 E-mini futures erased earlier losses and moved into positive territory after Pakistan's Prime Minister Shehbaz Sharif publicly asked President Donald Trump to extend his 8 p.m. ET deadline on Iran by two weeks. Sharif also urged Iran to reopen the Strait of Hormuz as a goodwill gesture over the same period. Brent crude fell to $107 from $109.27 following the remarks. A senior Iranian official told Reuters that Tehran is "positively reviewing" the proposal. The White House said Trump has been briefed and that a response is forthcoming. Pakistan has served as the main intermediary between the U.S. and Iran, with Field Marshal Asim Munir in direct contact with Vice President Vance and Iran's foreign minister. The proposal is framed as a diplomatic offramp after five weeks of war, in which more than 2,000 people have been killed in Iran. The conflict has also driven oil prices to double in 2026 and pushed U.S. gasoline to $4.14 per gallon. Trump had warned he would destroy Iran's bridges and power plants if no deal was reached by tonight.