Oil prices rise
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Iran, Trump and Hormuz
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Indian stock markets fall sharply as Sensex and Nifty decline amid US-Iran tensions, rising crude oil prices, elevated bond yields, and sustained foreign investor outflows, triggering global risk-off sentiment.
Treasury Secretary Scott Bessent says Iran will complete its final oil shipments to China within two weeks, leaving Tehran with "nothing left to trade."
Oil prices spiked with bond yields Monday as Donald Trump's rejection of an Iranian offer of a seven-day truce stoked inflation concerns, while stocks were mixed as traders look ahead to the release of key US data.
U.S. and Iranian delegations met on the sidelines of the U.N. General Assembly, rekindling diplomacy amid Trump's threat to "annihilate" the regime.
Trump discusses the Iran conflict, Strait of Hormuz oil shipments, US military action and negotiations with Tehran during his UN address.
The oil and gas sector shrank 26 percent, new official data shows, pointing to the costs of the US-Israel war on Iran.
Oil prices rose on Monday after Trump rejected Iran's Hormuz offer, reversing part of Friday's slide that sent Petrobras and YPF lower.
The legal channel the administration is using to seize the tankers is known as prize law and has its roots in the Middle Ages.