Markets were in a cautious mood after the US Treasury Secretary announced new sanctions on Iran, with an analyst describing market moves as “pretty muted” ahead of what could be an “eventful week.”
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on Aug 24, 2026 in New York City. (Photo: AFP/Angela Weiss)
25 Aug 2026 05:00AM
NEW YORK: Oil prices retreated as US Treasury Secretary outlined plans for more sanctions to punish Iran while stock markets mostly faltered on Monday (Aug 24) as investors looked ahead to key US inflation data and earnings from Nvidia.While late August is typically a slow news period for markets, the US-Iran war, a trade battle between the United States and Canada and results from artificial intelligence bellwether Nvidia are keeping markets engaged."Overall, pretty muted moves ahead of what is likely going to be an eventful week," said Angelo Kourkafas, from Edward Jones, describing markets as being in a cautious mood.While the Dow posted modest gains, both the S&P 500 and Nasdaq dropped.Oil prices fell more than two percent as Bessent laid out plans for the "economic asphyxiation" of Iran, expanding Washington's secondary sanctions threats and warning of dire consequences for countries that do not join the campaign.But his announcement named no specific countries beyond Iran and gave no timelines."The biggest concern, I think, in the oil market would be what type of retaliation might we see from Iran on energy infrastructure in the Middle East?" said Andy Lipow of Lipow Oil Associates.In Europe, London closed up, with Paris and Frankfurt both ending the session lower. "Trade tensions are back in the headlines this morning following the US and Canada's failure to reach a trade agreement, tensions in the Middle East continue to disrupt oil flows, and debt levels across the so-called developed world keep rising," said Ipek Ozkardeskaya at Swiss Quote.
