Trump Eyes More Iran Sanctions | Oil Extends Gains
Published June 24, 2019
President Donald Trump planned to unveil new sanctions against Iran on Monday as the US and Iran traded more threats of military action. In reply, Iran’s foreign ministry said the new penalties won’t force the country to negotiate or capitulate. The US Dollar Index was trading flat on the day at 96.10 levels.
WTI crude oil prices rose to the highest level in more than three weeks as US Secretary of State Mike Pompeo said significant sanctions on Tehran would be announced today. WTI crude was up by 0.9 percent, at 57.92 a barrel on the day.
The German business economy continues to weaken. The German IFO business climate index came in at 97.4 in June, weaker than last month’s 97.9 reading and the lowest level since November 2014, a survey showed on Monday.
Federal Reserve Vice Chairman Richard Clarida said that the broad outlook for the US economy remains positive and he expects economic expansion to continue, however, added that the central bank is also prepared to reduce interest rates if trade and other uncertainties put that outlook at risk.