Global markets began the new week on Monday, August 24, as investors awaited the unveiling of details regarding fresh U.S. government sanctions against the Islamic Republic, while oil prices dropped by approximately 1.5 percent in Asian trading.
Reuters reported that U.S. Treasury Secretary Scott Bessent is scheduled to announce Washington’s new economic measures against the Islamic Republic during a press conference at 2:00 PM Eastern Time on Monday.
U.S. President Donald Trump previously stated that the sanctions will also target countries assisting the Islamic Republic. Reuters noted that Trump did not explicitly name Russia or China in his remarks, leaving the market focused on how the U.S. administration intends to deal with these nations within the framework of the new sanctions.
According to the report, if no measures are taken against China or India, the credibility of the new sanctions could be called into question, which could cause oil prices to rise once again.
Citing analysts, Reuters reported that economic market experts have expressed concern over the potential for Tehran to react by targeting energy infrastructure in Persian Gulf countries. The Islamic Republic has previously threatened to halt all oil exports from the Persian Gulf if the “economic war” continues.
