Oil prices swung as Iran issued a deadline tied to the ongoing conflict, though a glut of supply may cap how high prices can go.

• Iran's foreign minister gave the U.S. until today to accept a peace offer, warning of a wider war otherwise.
• He said American voters made their choice and it's now up to the White House to decide.
• Iran offered to reopen the Strait of Hormuz, but only on terms that keep it in control of those waters, something the U.S. is unlikely to accept.
• Oil prices dropped after Trump said new strikes on Iran were unlikely, and bankers at JPMorgan say there's actually an oversupply of oil right now.
• Stocks pointed higher despite Friday's losses, as peace talks appear to still be happening behind the scenes.

Outlook: Oil prices will likely stay choppy, swinging with each new signal on whether the Iran conflict escalates or peace talks hold.