Hormuz Flows Rise But Diplomatic Efforts Stall on US-Iran Talks

Oil prices ticked up despite increased oil flows through the Strait of Hormuz. The boost in optimism over renewed US-Iran talks has started to wane as diplomatic efforts hit a roadblock.

The renewed strength in oil prices comes after President Trump's comments that the US is happy to see if growing economic pressure on Iran yields better results, rather than returning to the terms of the June Memorandum of Understanding.

OPEC faces the risk of another member exiting the group as Venezuela considers leaving. The country's relations with the US have improved following the ousting of Nicolas Maduro at the start of the year.