After the economic pariah sanctions against Iran, oil declined and US stocks varied

Oil prices recorded a decline of more than 2%, ending a rising wave that lasted for six consecutive sessions, while US stocks witnessed mixed performance, following the announcement by the US administration headed by Donald Trump of the details of a new, wide-ranging economic sanctions package against Tehran, dubbed Operation “Economic Pariah.”

In market details, Brent crude futures fell by 2.35%, reaching $90.49 per barrel, and US crude futures fell by 2.41%, recording $84.96 per barrel. This decline was driven by profit-taking operations, in addition to easing pressure on the US bond market with the decline in 10-year Treasury bond yields.

On Wall Street, stock indices moved mixed; The Dow Jones Industrial Average rose slightly, while the Standard & Poor’s 500 and Nasdaq Composite indices declined under pressure from falling technology and semiconductor sector stocks, with markets awaiting corporate results and Federal Reserve statements.

These financial developments come in the wake of the US Treasury Department’s announcement of a harsh sanctions package aimed at cutting off Iran’s vital financial and commercial arteries, and including the sectors of digital assets, technology, gold, aviation, and maritime shipping, in addition to imposing secondary sanctions targeting parties and companies dealing with Tehran globally.