EU countries are preparing to impose a new round of sanctions on Iran, to include an embargo on the import of oil. The US has also enacted new legislation which will target the Iranian central bank and make oil trading more difficult for Iran. Iran has responded with some threatening comments about closing the Straits of Hormuz, leading to a rise in the oil price. It has also signalled that it is open to re-starting talks. This note details these developments and gives some samples of recent expert commentary.