Oil Prices Slip As Trump Readies ‘Crushing’ Iran Economic Campaign

Oil prices fell on Monday as investors braced for details of a US plan to isolate the Iranian economy, which President Donald Trump has billed as the “most crushing” financial operation ever mounted against Tehran. Both main crude contracts retreated, with Brent North Sea crude down 1.8 percent at $92.68 a barrel and West Texas Intermediate down 1.9 percent at $85.39.

US Treasury Secretary Scott Bessent said he would give more details at a news conference on Monday on the fresh push to pile economic pressure on Iran. The US warned allies and China on Thursday to join the campaign, which comes as the unpopular war in the Middle East drags toward the six-month mark.

Vice President JD Vance said the plan was a “delicate dance” because Iran will “try to apply economic pressure to us”. Asked whether Washington would pressure China, Bessent told CNBC that “many conversations are best to have in private”, but called on Beijing “to get with the program”.

Asian stocks were mostly down in early trading. South Korea’s tech-rich Kospi fell 1.4 percent after Samsung Electronics said it spent $80 billion to buy back its own shares following weeks of turbulenttrading.

Shares in the chip giant, along with those of rival SK hynix, peaked in June on optimism over the artificial intelligence (AI) boom but have since fallen amid investor jitters and a broader tech rout.

In an important week for the sector, investors are looking toward an earnings report from Nvidia, the world’s most valuable company and a bellwether for AI. The recurring question for the US chipmaker is whether the boom will continue to accelerate as the technology takes over more corners of the economy. “The spending machine is still running, but the bill is getting heavier,” said Stephen Innes of SPI Asset Management.

“Nvidia must now show that the most expensive investment boom in modern market history can still pay its bills.” Chinese technology group Alibaba kept the focus on the sector after announcing on Sunday that it plans to issue $10.2 billion in new shares in Hong Kong to fund its global AI ambitions.

The firm, known for its open-source “Qwen” AI models, has been plowing tens of billions of dollars into the technology, with shareholders eager to see how it will monetize the investments.

Tokyo, Shanghai, Taipei and Wellington were down on Monday. Sydney, Jakarta and Bangkok posted gains, while Manila and Kuala Lumpur were flat.

Hong Kong fell more than 2 percent despite fast-fashion group Shein announcing that its market debut will take place in the Chinese financial hub on Sept 1. The long-awaited listing would value the company at close to $27 billion.

Traders will also be watching this week’s annual gathering of central bankers, economists and finance chiefs at Jackson Hole in the US, hoping for clarity on monetary policy.

The meeting follows the Treasury’s purchase of its own bonds last week in an effort to push down borrowing costs after the 30-year yield surged to levels last seen in 2007, shortly before the global financial crisis.

Yields have risen on inflation fears and after the US reported that its federal debt had topped $40 trillion.