Markets close as Hormuz restrictions, Iran strike risks, and diplomacy dominate

U.S. markets were closed, leaving QQQ and SPY at their prior regular-session closes. Weekend reporting focused on a U.S. plan to restrict ships entering or leaving Iranian ports from April 13 at 10:00 a.m. ET, after military clarification that non-Iranian traffic could still pass through Hormuz. Saudi Arabia restored its East-West pipeline to about 7 million barrels per day, while reports of possible limited strikes were countered by UK resistance to joining the blockade and fresh calls for diplomacy.