US-Iran Tensions Persist as August Trading Begins

US-Iran tensions have been dominating markets as August trading begins.

After US President Trump's statement over the weekend that a deal on the Strait of Hormuz was 'done' and nuclear talks would resume, Iran rejected this claim and no clear progress has been made since.

Oil prices initially fell sharply and opened lower for a second week running, but have since recovered to some extent, with WTI crude now up 1% at $81.20 per barrel.

The next key signal will be from Iran, as Trump's optimistic statements are often followed by resistance before both sides agree to maintain the status quo.