US Treasury revokes June 21 Iran oil sanctions waiverOne-year inflation expectations hit the highest since 2023 in New York Fed surveyTrump on Ukraine war: I think we're going to be settlingFed's Williams sees steady trend-like growth for the US economyUS International Trade balance -$77.6B vs -$78.5B estimateCanada May trade balance $4.24 billion vs $2.85 billion expectedMarkets:WTI crude oil up $3.45 to $72.00Gold down $49 to $4114US 10-year yields up 7 bps to 4.55%S&P 500 down 0.4%CHF leads, NZD lagsOil bulls finally caught a break today but it was slow-in-coming. The latest Iranian attack on tankers was mostly met with shrugs early and an 80-cent pop but some bids crept in during the NY afternoon and accelerated after the Treasury withdrew its sanctions waiver for Iran. That's a sign of the deal falling apart as both sides struggle to enforce the MOU or peace. A large convoy of Japanese ships left via the Iran corridor yesterday and that was some of the last stranded oil. We will have to see what comes next but it's hard to say there is any progress.Treasury yields rose alongside oil and the US dollar made some small progress. Equities initially slipped but then quickly got back to focusing on AI. The chip trade was battered early on with names falling upwards of 10% and largely erasing the June jump.The two-way price action in AI names is a symptom that this phase of the AI trade is wrapping up, or at least pausing.In terms of economic data, the NY Fed survey was worrisome as it showed rising inflation expectations despite a drop in expected oil inflation. That suggests a broaden of pressures and the survey also highlighted a more-upbeat consumer. The comments from Williams didn't offer anything we haven't heard before. This article was written by Adam Button at investinglive.com.