Oil prices dropped on Monday as traders waited for details of a new US plan to put further economic pressure on Iran, while investors also kept a close watch on global technology stocks and the upcoming Nvidia earnings report.
Both major crude benchmarks fell more than 2% in early trading. Brent crude was around $92 a barrel, while West Texas Intermediate was trading near $85.40.
US Treasury Secretary Scott Bessent is expected to provide more details of Washington’s latest effort to isolate the Iranian economy.
President Donald Trump has described the campaign as the most severe financial pressure the US has ever imposed on Tehran.
Washington has urged its allies and China to support the plan as the conflict in the Middle East approaches six months.
US Vice President JD Vance acknowledged that the move could be difficult, warning that Iran could respond with economic pressure of its own.
Asian markets were also mixed to lower on Monday.
Hong Kong`s Hang Seng fell 2.1%, while South Korea`s Kospi dropped 1.4%. Tokyo`s Nikkei declined 0.3% and Shanghai`s benchmark lost 0.5%.
Technology stocks remained under pressure after weeks of volatile trading.
Samsung Electronics said it had spent about $80 billion on share buybacks, while shares of Samsung and rival SK hynix have fallen from their June highs as investors became more cautious about the artificial intelligence boom.
The market`s attention is now turning to Nvidia`s upcoming earnings report.
As the world`s most valuable company and one of the biggest beneficiaries of the AI boom, Nvidia`s results are expected to offer fresh clues about whether massive spending on artificial intelligence can continue.
"Spending is still running, but the bill is getting heavier," said Stephen Innes of SPI Asset Management.
Alibaba is also drawing attention after announcing plans to raise $10.2 billion through a new Hong Kong share issue.
The Chinese technology giant plans to use the money to expand its global AI operations.
Investors will also be watching the annual gathering of central bankers and financial officials in Jackson Hole, Wyoming, this week. Markets are looking for clearer signals about the direction of US interest rates as borrowing costs remain elevated.
US Treasury yields have risen amid concerns about inflation and the country`s growing debt, which has now surpassed $40 trillion.
The 30-year Treasury yield recently reached levels not seen since 2007.
In early trading, Brent crude was down 1.8% at $92.68 a barrel, while WTI fell 1.9% to $85.39.
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