That would be bearish for oil and provocative to the US.

Europe has been against the US withdrawal from the Iran nuclear deal but has been hamstrung by efforts to target any European companies that bought Iran’s oil. The details will be important but it will be interesting to see how many barrels Iran can get to market.

WTI is down 65-cents to $61.57 while Brent is down 81-cents to $70.44.