Sanctions on Iran Weigh Heavy on Global Markets

Global stocks declined and oil prices eased on Monday as investors awaited details of threatened U.S. sanctions on Iran, while the Canadian dollar fell due to a looming trade war with its southern neighbor.

The U.S. Treasury Secretary Scott Bessent is scheduled to hold a press conference later in the day to outline the sanctions on Iran, which Washington says must relinquish control over the vital Strait of Hormuz.

Oil futures dropped around 2% ahead of the announcement as some oil traders took profits after significant gains last week.