WEB DESK: Global stock markets edged higher on Tuesday while oil prices retreated as investors considered Washington’s renewed push to economically isolate Iran, with attention also turning to upcoming earnings from chip giant Nvidia.
The developments come as the conflict involving Tehran entered its sixth month, with US Treasury Secretary Scott Bessent announcing what he described as an “economic D-Day” against the Islamic Republic. He warned that countries continuing to trade with Iran could also face consequences.
The escalating pressure follows stalled efforts to reopen the Strait of Hormuz, with neither side appearing ready to compromise. Concerns over prolonged disruption had pushed oil prices higher for much of August, adding to worries about persistent inflation and placing pressure on global bond markets
Bessent said Washington’s objective was to cut off the economic resources supporting the Iranian government and intensify its international isolation.
“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told reporters on Monday.
He said the United States would seek to hold accountable those who continue economic ties with Iran and warned that countries refusing to support US sanctions could face the effects of Tehran’s growing isolation.
Meanwhile, technology shares remained under pressure after another weak session on Wall Street, with investors awaiting Nvidia’s latest earnings for further signals about the strength of the technology sector and broader markets.
