Live Updates: U.S. Treasury to unveil new Iran sanctions after Trump warned of "economic D-Day" for Tehran - CBS News
The U.S. has announced new sanctions against Iran, causing the Iranian rial to hit a record low and impacting global oil markets. Meanwhile, China has criticized the sanctions, and Pakistan is mediating talks to prevent further escalation of the U.S.-Iran conflict.
Why it matters
These sanctions and the ongoing conflict significantly influence global energy prices and geopolitical stability in the Middle East.
The price of Brent crude, the international standard for oil, fell 0.6% early Tuesday to $90.04 per barrel. U.S. benchmark crude oil shed 0.6% to trade at $84.51 per barrel.
Last month, the price of Brent zigzagged between $72 and $102 as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again.
The new U.S. sanctions announced Monday helped drag the value of Iran's currency, the rial, to a record low against the U.S. dollar.
While the key oil prices have dipped again slightly this week, they remain up about 35% on the year, compared to pre-war levels, and about 2% higher than they were a month ago.
China has defended its cooperation with Iran on Tuesday when asked about the new U.S. sanctions on Tehran, which are aimed at pressuring the country's allies
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