Oil falls as US temporarily lifts Iran sanctions and Nasdaq drops

CommodityMacroDigital Finance Impact 4

Summary · why it matters

Crude prices fell Monday after the US Treasury said it is temporarily lifting sanctions on Iran to allow the Islamic Republic to produce, sell and deliver crude oil and related products through August 21. Brent North Sea Crude dropped 3.3 percent to $77.90 a barrel and West Texas Intermediate lost 2.3 percent to $74.82 a barrel. The Nasdaq Composite retreated 1.3 percent, pressured by a 16.4 percent plunge in SpaceX following its disclosure of an inaugural bond offering, while the Dow edged up 0.3 percent and the S&P 500 slipped 0.4 percent. In Europe, London's FTSE 100 rose 0.7 percent and Frankfurt's DAX gained 0.6 percent, but Paris's CAC 40 fell 0.3 percent. The pound firmed after British Prime Minister Keir Starmer announced his resignation, setting the stage for Andy Burnham to potentially become the next Labour leader and prime minister.