US Sanctions on Iran Tighten Global Oil Supplies as Nvidia Earnings Loom

The US Treasury Secretary Scott Bessent vowed to impose 'the toughest' sanctions in history against Iran, which could further tighten global oil supplies. The move comes as Iranian exports have already been disrupted and offers to China reduced.

Tehran dismissed the threat, saying it can withstand sanctions and maintain trade elsewhere. However, tensions in the Strait of Hormuz remain high, with traffic still below normal.

Nvidia's second-quarter results on Wednesday will be closely watched, as they are seen as a test of the AI trade. The Jackson Hole symposium, which starts on August 27, will also focus on financial innovation and its implications for payments and policy.