The US is set to take centre stage next week as it re-imposes sanctions on Iran’s oil on Monday. While this may spark bargain hunting, after this week’s slump in prices, any relief rally should be short lived. Indeed, it was announced today that eight countries would have temporary waivers. What’s more, we have long cautioned that the drop in Iranian supply is likely to be offset by higher output elsewhere.

Meanwhile, the Fed will conclude its FOMC meeting on Thursday. Despite the rece…