Good morning, you're listening to Markets Desk.
Crude oil is taking a meaningful hit today, with October WTI contracts falling more than two percent as supplies move freely through the Strait of Hormuz, easing the geopolitical risk premium that had been supporting prices. A stronger dollar is compounding the selling pressure across the energy complex.
That Hormuz picture connects directly to a broader story out of Washington, where the Trump administration has unveiled a sweeping plan to isolate Iran's economy through secondary sanctions, explicitly warning that China is not exempt. The move targets what officials are calling Iran's economic enablers, and signals a significant escalation in diplomatic and financial pressure on Tehran.
Meanwhile, Nvidia is under pressure ahead of Wednesday's earnings report, with shares falling another two percent and pacing toward a seventh consecutive session of losses. The chip designer carries enormous weight across the semiconductor and AI sectors, so Wednesday's results will be closely watched as a barometer for the entire artificial intelligence infrastructure trade.
That's the tape. Markets Desk, signing off the floor.
