TRUMP: WE WANT TO TALK TO IRAN, THERE IS NOBODY TO TALK TO

CAC 40 EXTENDS LOSSES, DOWN 10% FROM FEBRUARY HIGH

Floating oil stocks are depleting rapidly as Persian Gulf supply remains constrained for a third week. Storage has fallen 1.8 million barrels daily since the war began, now at ~78 million barrels, a third from Iran. US consideration of lifting sanctions on Iranian seaborne barrels could accelerate declines. Once over 140 million barrels in November, floating reserves are shrinking fast, tightening the buffer and risking sharper price gains if the Strait of Hormuz remains closed.