US Sanctions Against Iran Send Oil Prices Lower as Wall Street Awaits Gains

Wall Street was poised to open with gains early Tuesday after mixed trading a day earlier. The US announced new sanctions against Iran, which helped drag oil prices lower. Brent crude fell $2.35 to $88.19 per barrel, while U.S. benchmark crude oil shed $2.65, about 3%, to $82.36 per barrel.

The Federal Reserve's new chairman, Kevin Warsh, is set to deliver a speech Friday at an annual economic symposium in Jackson Hole, Wyoming. The Conference Board releases its consumer confidence report for August later Tuesday morning.

Nvidia, a chip giant and one of the biggest beneficiaries of the AI boom, will deliver its quarterly earnings report on Wednesday. Its shares were up less than 1% in premarket trading Tuesday as it tries to break a 7-session losing streak.