Wolfe Research analyst Tobin Marcus expressed skepticism about an imminent diplomatic deal with Iran, questioning Trump's public confidence.
Marcus noted Trump's deadline to strike Iranian power plants has been extended multiple times since March 9 without action, raising doubts.
He warned that further airstrikes could replace ground operations, but risk Iranian retaliation against Gulf energy infrastructure and ongoing missile threats.
Marcus argued current Strait of Hormuz traffic rise reflects vessels leaving Gulf, not new entrants, indicating limited normalization of oil flows.