President Donald Trump’s latest deadline for Iran to agree to a deal is just hours away, and investors are once again finding themselves forced to prepare for a range of possible outcomes.

Global shares mostly rose in cautious trading Tuesday, as oil prices continued to surge ahead of a deadline that U.S. President Donald Trump set for Iran to reopen the Strait of Hormuz to all shipping traffic or risk its power plants and bridges being bombed.

Oil prices pushed higher Sunday after President Donald Trump threatened to strike Iranian energy facilities if the Strait of Hormuz is not reopened Monday.

Iran isn’t being backed by the global powers it once counted on, even as war rages on its soil. Russia and China have condemned attacks but stopped short of offering concrete military support. Regional governments are focused on their own security and economy instead of joining Tehran’s fight.

Front-month crude prices rose and prices are likely to remain elevated and highly sensitive to developments in Middle East tensions and supply shifts.

U.S. oil prices were moving lower but still traded above $110 per barrel on Monday morning as negotiators reportedly intensified efforts to broker a cease-fire following President Donald Trump’s threats to civilian infrastructure.

Oil futures posted modest gains as President Trump reiterated Tuesday’s 8 p.m. ET deadline for Iran to reach a deal to end the Middle East conflict—one that includes opening the Strait of Hormuz.

Global stocks wavered on Tuesday, while oil prices edged above $110 per ​barrel as the looming deadline imposed by U.S. President Donald Trump for a deal with Iran threatened escalation in the Middle East ‌and spooked investors.