Oil prices fall amid US plans to step up economic pressure on Iran
Oil prices fell on August 24 as investors awaited details of the US plan to isolate Iran’s economy. Both main oil contracts lost 2.3%, while Brent was priced at $92 per barrel, Channel NewsAsia reports.
Economic pressure on Iran
US President Donald Trump called the planned financial operation against Tehran the most devastating of all those used against Iran. US Treasury Secretary Scott Bessent said he would provide more details of the new course to increase economic pressure on Iran during a press conference on Monday.
On August 21, the United States urged allies and China to join Trump’s new campaign. US Vice President J.D. Vance called the plan a delicate balance, explaining that Iran would seek to exert economic pressure on the United States. Asked about possible pressure on China, Bessent told CNBC that some discussions were better held privately and urged Beijing to support the campaign.
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Asian markets and Jackson Hole
Asian stock markets were mostly down in the morning. South Korea’s Kospi index lost 1.4% after Samsung Electronics announced $80 billion in spending on share buybacks following several weeks of volatile trading.
Indices in Tokyo, Shanghai, Taipei and Wellington fell, while gains were recorded in Sydney, Jakarta and Bangkok. The Hong Kong market lost more than 2%, despite Shein’s announcement of its Hong Kong stock exchange debut on September 1. The listing is expected to value the company at about $27 billion.
Market participants will also watch the annual meeting of central bank chiefs, economists and financial officials in Jackson Hole, United States. They expect signals on US monetary policy after yields on 30-year US government bonds rose to levels last seen in 2007.
