With crude oil surging in recent weeks as a result of geopolitical tensions, including Trump's tariffs on Russia but mostly due to concerns the US president will terminate the Iran nuclear deal in two and a half weeks, eliminating roughly 1 million barrels in Iranian output from the market, it was to be expected that the mere suggestion that the Iranian deal could be salvaged - as virtually all of Europe has insisted and pleaded with Trump - would send oil tumbling.

That's precisely what happened moments ago, when during his press conference with Donald Trump, French President Emmanuel Macron proposed a new Iran deal, noting that a "new deal" would block nuclear activity to 2025.

Here's a breakdown of Macron's "Plan B" for the Iran, per CBS.