Oil falls as Trump pledges economic war on Iran
Global oil prices have declined as markets react to President Trump's announcement of new economic sanctions against Iran. Meanwhile, Asian stock markets faced a downturn, partly driven by a tech sector sell-off following Samsung's share buyback.
Why it matters
Geopolitical tensions and corporate financial decisions are creating significant volatility in global energy and equity markets.
Both main crude contracts were down around 2 per cent, with the Brent benchmark sitting at US$92 a barrel.
Diesel prices over US$7 a gallon are displayed on a pump at a gas station on Aug 21, 2026 in Los Angeles, California. (File photo: Getty Images via AFP/Justin Sullivan)
HONG KONG: Oil prices fell on Monday (Aug 24) as investors braced for details of a United States plan to isolate the Iranian economy that President Donald Trump billed as the "most crushing" financial operation ever against Tehran.
Eyes are on Treasury boss Scott Bessent, who said he would give more details in a news conference on the fresh push to pile economic pressure on the Islamic republic, which comes as the unpopular war drags towards the six-month mark.
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