$98.66 per barrel: US Treasury sanctions 27 Iranian airlines amid oil rise
US stock futures fell while oil surged to nearly $100 and the Treasury Department sanctioned 27 Iranian entities.
US stock market futures slipped Tuesday as renewed Middle East tensions pushed Brent crude prices higher. Oil futures climbed 1.73% to close at $98.66 a barrel, a level not seen since mid-July. The rise in energy costs increased inflation concerns ahead of key Consumer Price Index data releases this week and added pressure to the Federal Reserve's rate path decisions. Simultaneously, the US Treasury Department sanctioned 27 Iranian airlines and related entities under Operation Economic Outcast. Treasury Secretary Scott Bessent stated that all remaining airlines faced these new sanctions, warning businesses involved in trade with Iran of exclusion from the global financial system. Officials identified the targeted group as using commercial aviation to move weapons, personnel, and illicit cargo.
