Oil prices continue to surge as the Iran conflict enters its fifth week. Brent is set for its largest monthly gain ever with the Strait of Hormuz still largely closed. Asian markets are selling off while European futures also point south. President Trump tells the FT he is eyeing Iran’s oil reserves and has signalled he is willing to take over the vital export terminal of Kharg Island. However, he has also commented that a deal with Iran’s leadership remains possible. Australia joins other nations to announce it will be cutting its fuel tax for three months to provide consumer relief.

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President Trump extends his deadline for attacks on Iran's energy infrastructure until April 6th, as talks reportedly continue. The US leader insists Tehran is desperate to end the war, even as it rejects the first US proposal. Oil prices ease and Asian stocks come well off session lows, as investors digest Trump's deadline extension and Iran's move to allow some tankers through the Strait. Futures in Europe and on Wall Street point higher, following Thursday's sell-off. Waiting on Rubio - the US Secretary of State is set to join his G7 peers in France for a second day of talks - as EU's foreign policy chief Kaja Kallas says Russia's involvement in Iran reflects how the conflicts in the Middle East and Ukraine are connected. Anthropic reportedly eyes an IPO as soon as October, as the AI player wins a preliminary injunction in its legal fight with the Department of Defence.

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Iran says it is reviewing a U.S. ceasefire proposal but firmly denies President Trump's claims that talks are underway with Tehran desperate to strike a deal. Stocks fall and oil rises as investors reassess the odds of a ceasefire with former Goldman Sachs CEO Lloyd Blankfein telling CNBC investors should tread carefully. G7 foreign ministers arrive for a key summit in France, as conflicts in the Middle East and Ukraine dominate the agenda. NATO's Supreme Allied Commander for Transformation tells CNBC the military alliance is confronting new forms of warfare and urges Europe to take on a greater leadership role.

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