President Trump announced a second extension of his deadline for potential strikes on Iran’s power and desalination facilities to April 6. The move offers a temporary reprieve to global oil markets after recent Iranian attacks on Saudi Arabia’s Ras Tanura refinery and Shaybah oil field drove supply concerns higher.

Alongside the deadline extension, Trump called on Saudi Arabia to formalize diplomatic ties with Israel through the Abraham Accords. Market analysts believe a formal alliance could stabilize the Persian Gulf by reducing geopolitical risk and improving energy trade flows.

Energy traders and investors are evaluating how extended tensions and the prospect of regional normalization will influence crude price swings, refining margins and project investments. Exxon Mobil’s production exposure in the Middle East and its downstream integration could face margin pressures or cost savings depending on whether supply-chain disruptions persist or subside.