Iranian President Masoud Pezeshkian doesn’t sound like a guy who is ready to make a nuclear deal with Trump.

He said he “won’t even negotiate” with Trump under threats and that Trump can “do whatever the hell you want”.

So that front is going well.

Trump has signed off on resuming ‘maximum pressure’ on Iran and cutting off oil revenues. How far they’re willing to go with around 2 million barrels per day of Iranian exports is an open question. Last week, a report said the US was considering disrupting Iranian oil tankers at sea but the moves would disrupt deliveries, not sink or capture ships.

WTI is giving back some gains today but remains up 30-cents to $66.34.