One preview of what Trump's speech may look like comes from Citi's head of commodity research, Ed Morse, who in a Bloomberg interview this morning said that President Trump will likely give European governments "a chance to step up what they've already offered in terms of tightening sanctions" on Iran.

The tighter sanctions would relate to issues left out of the 2015 nuclear accord, such as Iran's development of ballistic missiles, terrorist financing, Hezbollah, Islamic Revolutionary Guard Corp.

"The president's going to say something that he's going to move in a certain direction, that he's ready to re-impose sanctions" predicted Morse, who added that Trump will "come out strong, and say the Europeans are stepping up to the table and we've got to do more."

Morse also said that it's possible OPEC will meet and decide to increase output to fill gap left by Iran, although with the price of Brent surging to the revised Saudi target of $80, it is unlikely that OPEC will interfere with the recent favorable equilibrium.