US President Trump says ships are starting to move through Hormuz and will be fully open by Friday; oil prices coming down rapidly

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US Export Prices YoY (May) Y/Y 11.2% (Prev. 8.8%)

US Import Prices YoY (May) Y/Y 6.7% (Prev. 4.2%)

US President Trump says ships are starting to move through Hormuz and will be fully open by Friday; oil prices coming down rapidly

US PRE-MARKET MOVERS: Mag-7, SPCX, MBLY, EQIX, YUM, HOOD, HUN, PLAY

German Foreign Minister says there is a chance of peace talks taking place with Russia regarding Ukraine during the summer

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Iran:

  • Think second stage of talks will happen on time
  • Will release text of Iran agreement in formal setting.
  • Wants formal signing to occur before the document is released.
  • Will go over Iran MoU with media in a couple of days.
  • Hormuz will be toll-free when it opens permanently.
  • Would send Iran deal to Congress for review.
  • Oil is now flowing.
  • No rush on getting enriched Iran uranium, but when get it, will destroy it.

Russia:

  • Soon will be able to do increased sanctions on Russia; cites oil flows for being able to increase sanctions.
  • In position to let Russia oil waivers lapse.

UAE:

  • Praises the UAE and touts US investment there.

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