Oil Prices Steady as US Imposes New Sanctions on Iran, Canada Hits Back

Asian markets were mixed on Tuesday as oil prices held steady following new US sanctions against Iran. The S&P 500 and Dow Jones Industrial Average futures rose 0.4%, while Nasdaq futures jumped 0.8%. Nvidia, a major beneficiary of the AI boom, will release its quarterly earnings report on Wednesday, potentially influencing the next move in AI-related stocks.

The US has announced new sanctions against Iran, with Treasury Secretary Scott Bessent warning that countries continuing to do business with the Islamic Republic would face retaliation. Brent crude fell $2.35 to $88.19 per barrel, and US benchmark crude oil shed $2.65, about 3%, to $82.36 per barrel.

Canada announced it will introduce retaliatory tariffs against the US on Tuesday after relations deteriorated sharply this week. Prime Minister Mark Carney accused Washington of trying to subordinate its northern neighbor and long-time ally, saying Canada may need to move away from matching US tariffs dollar-for-dollar.