Oil prices fell in Asian trading as investors awaited details of a new US plan to intensify economic pressure on Iran.
Both major crude benchmarks declined, with Brent crude falling around 2.3% to about $92 a barrel. West Texas Intermediate (WTI) also declined.
Asian stock markets were mostly lower, with South Korea’s Kospi dropping 1.4%. Technology shares came under pressure after Samsung Electronics disclosed an $80 billion share buyback following weeks of volatile trading.
Investors are also focused on Nvidia’s upcoming earnings report, which could provide fresh signals about the strength of the global artificial intelligence investment boom. Analysts are watching whether massive AI spending can continue to generate sufficient returns.
Chinese technology giant Alibaba is another focus after announcing plans to raise $10.2 billion through a Hong Kong share sale to finance its global AI expansion.
Markets are also watching US Treasury Secretary Scott Bessent, who is expected to provide more details about Washington’s plan to increase economic pressure on Iran. The United States has urged allies and China to support the campaign.
Meanwhile, investors are looking ahead to the annual Jackson Hole gathering of central bankers and economists for indications about the future direction of US monetary policy.
Market snapshot
- Nikkei 225: -0.3% at 65,799.25
- Hang Seng: -2.1% at 25,455.95
- Shanghai Composite: -0.5% at 3,887.81
- WTI crude: -1.9% at $85.39/barrel
- Brent crude: -1.8% at $92.68/barrel
- Dollar/yen: 158.82
- Euro/dollar: $1.1684
- Pound/dollar: $1.3651
