US rolls out new Iran sanctions as oil slips and shipping stays tight

The Trump administration imposed a fresh round of sanctions on Iran on Monday, widening pressure beyond Tehran to networks it says move Iranian oil and money through the United Arab Emirates, Hong Kong, China, Singapore, Switzerland and Europe. Treasury Secretary Scott Bessent framed the move as a campaign to cut off Iran's remaining financial links, while leaving open how quickly major trading partners could face secondary penalties. Markets reacted cautiously: Brent crude fell 1.6% to $92.90 and U.S. crude dropped 2% as traders locked in gains before the measures landed. Shipping through the Strait of Hormuz also remained constrained, with fewer than 20 commodity vessels transiting over the Aug. 22-23 weekend.