The current Iran gave Trump was permitting a number of gas tankers by Hormuz

There was something of a puzzling moment yesterday when Trump was asked if he trusts the Iranians who were said to be in talks with US representatives. Trump said he doesn’t trust anybody but alluded to receiving a “gift” that he said suggested “we’re dealing with the right people.”

“They gave us a present, and the present arrived today,” Trump said. “It was a very big present worth a tremendous amount of money. And I’m not going to tell you what that present is, but it was a very significant prize.”

“They gave it to us, and they said they were going to give it. That meant one thing to me. [That we’re] dealing with the right people,” Trump said,

According to a Times of Israel report a few hours ago, the ‘present’ was allowing the safe passage of a number of fuel tankers through the Strait of Hormuz in recent days.

The limited impact of the “present” explains why Trump avoided specifying exactly what it was, the Arab official says.

In terms of the market, the ships that went through were relatively insignificant for energy prices.

At the moment, the market is trying to figure out if Trump’s ceasefire plan is going to work. Lately, we’ve been seeing oil prices tick higher so there is a signal on the latest sentiment. This chart shows the drop after Trump indicated early Monday morning that he was delaying infrastructure strikes. That gap is beginning to erode.