Energy - Iranian sanction waiver Oil prices came under further pressure yesterday, with ICE Brent settling 3.3% lower. The gradual increase in oil flows through the Strait of Hormuz continues to weigh on the market, while positive signals from US-Iran talks in Switzerland have weighed on sentiment. The real downward price pressure yesterday came from the US issuing a 60-day licence, which allows Iran to export oil. While the market sold off on this development, it shouldn’t be too surprising.