"I think the market is underpricing the risks here," I wrote yesterday, regarding oil prices, Iran and the United States. Today, WTI crude oil is up more than 5% to $66.39 as it surges to the highest since August. WTI crude dailyYesterday we got a sense of what the US was demanding from Iran and it hardly looked acceptable, or even a basis for real negotiations. Today, Axios reports that Saudi and Israeli officials are visiting Washington to discuss possible US strikes on Iran. There is some major smoke here and Reuters is reporting that US strikes may target Iran's ballistic missiles.