Talks at another impasse as Iran hardens stance on Strait

Talks between the US and Iran have reached another impasse and it’s difficult at this stage to see where a breakthrough will come, especially as the Iranian regime appears to be hardening its stance on the Strait of Hormuz. Even if vessels secure approval from Iran to transit or turn off transponders to avoid detection, that is no substitute for the freedom of navigation that previously existed. If energy exports from the Gulf remain constrained, global oil inventories could reach critical levels in the coming weeks, and oil prices could hit all-time highs.