UNCERTAINTY IS AT ITS PEAK AGAIN TODAY.

Less than 24 hours ago Iran declared the Strait of Hormuz fully open for everyone and Trump confirmed it.

Now all of that has reversed.

- Iran has closed the strait again and placed it back under "strict management and control" of the military. The reason: Trump refused to lift the US naval blockade on Iranian ports. Iran called it "America's untrustworthiness."

- IRGC gunboats fired on a tanker transiting the strait with no warning. An Indian flagged supertankers were forced to turn back after being fired upon.

- Iran has not agreed to the next round of peace talks.

- The US naval blockade remains in full force. 21 ships have been turned back from Iranian ports since Monday.

- Iran says it will not hand over enriched uranium to the United States.

The ceasefire expires Wednesday. Trump said if no deal is reached "we'll have to start dropping bombs again."

All of this is happening while markets are closed for the weekend. Expect volatility on Monday.