Oil in focus today
The US official reimpose sanctions on Iran today in a move that will cut global oil supply. The news was accompanied by a presidential tweet.
The news was expected and the real story will be how the rest of the world reacts. European leaders want to continue the Iran deal but their companies face US sanctions if they do, as Trump alludes to.
For the oil market, this was expected and WTI is up 53-cents to $69.53. The high was $69.83 but that area also capped gains on Friday.
In the bigger picture, oil is consolidating around $67 as the market tries to sort out how much of Iran's oil will make it out.
