Oil prices fall as Bessent outlines new steps to punish Iran

Oil prices retreated as US Treasury Secretary outlined plans for more sanctions to punish Iran while stock markets mostly faltered on Monday as investors looked ahead to key US inflation data and earnings from Nvidia.

While late August is typically a slow news period for markets, the US-Iran war, a trade battle between the United States and Canada and results from artificial intelligence bellwether Nvidia are keeping markets engaged.