await

Published on
24/08/2026 – 11:00 GMT+2

The US is ramping up its economic pressure on Iran after Treasury Secretary Scott Bessent declared the start of an “economic D-Day”.

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According to Bessent, this represents “the single greatest financial offensive ever marshalled against an adversary.” He set out the position in a post on X late on Sunday and in a Financial Times opinion article published the same day.

Bessent stated that US President Donald Trump’s military campaign had “significantly dismantled Iran’s military capabilities and weakened its nuclear programme”. He added that the administration is now “entering the endgame” and that the economic measures begin at dawn.

The objective, according to the US Treasury Secretary, is to “sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone”.

Bessent cautioned countries that continue to buy or transport Iranian petroleum, facilitate financial flows through exchange houses and free trade zones, handle flights, maintain ship registries or enable seaborne fuel transfers, that any remaining links would accelerate their own isolation.

The comments follow remarks by US President Donald Trump last week. At the time, Trump announced in a Truth Social post “the most crushing economic operation ever taken agaisnt any country!”

Despite both declarations, specific measures have not yet been set out.

According to Bessent’s outline, the package could centre on secondary sanctions against nations and entities that keep purchasing Iranian oil, process its finances, operate related banks or support shipping and other commercial channels, layered on top of the existing naval blockade.

Bessent is scheduled to hold a press conference at 7 PM CET on Monday to announce the concrete steps.

Market reaction

Oil prices are lower on Monday morning even as the rhetoric intensifies.

At the time of writing, Brent crude, the international standard, is trading at around $91.5 which is 2% lower than Friday’s close while West Texas Intermediate stands at roughly $86.2, about 1.5% lower than last week’s close.

The fall may stem from profit-taking after recent gains and from reports of a temporary rise in tanker movements through the Strait of Hormuz.

According to shipping information cited by Axios, around 40 tankers transited the southern channel on Friday night, moving roughly 16 million barrels of oil, higher than the 15-20 vessels recorded on preceding nights.

Overall volumes through the waterway remain well below pre-conflict levels.

On the other hand, US futures are also in the red ahead of market open while European stocks are trading flat.

Thousands of people are waiting for aid in the eastern Indonesia region hit by a powerful earthquake that killed dozens of people, as rescuers combed through collapsed buildings in search of people trapped beneath the rubble.

Late on Monday, the death toll was raised from 54 to 68, said Berton SP Panjaitan, an official at Indonesia’s disaster mitigation agency, adding that more than 200 ⁠have been injured.

Many residents on Flores island in East Nusa Tenggara province spent Monday searching for loved ones and waiting for aid to arrive in communities still cut off by the magnitude 7.7 earthquake.

During Indonesia’s Independence Day ceremony in the capital, Jakarta, President Prabowo Subianto asked participants to pray for people affected by disasters in East Nusa Tenggara and other parts of the country while leading a nationwide moment of silence honouring the nation’s independence heroes.

More than 1,300 homes were damaged when the quake struck East Nusa Tenggara on Saturday. Nearly 250 were destroyed on Flores alone. Dozens of public buildings, including educational and health facilities as well as government offices, were also affected.

The province’s governor declared a 14-day state of emergency on Sunday.

About 12,800 people were unable to return to their homes by Monday morning and were dispersed among temporary shelters in several towns on Flores, Berton Suar Pelita Panjaitan, spokesman for Indonesia’s BNPB national disaster agency, told the AFP news agency.

Thousands of people on Flores camped outside collapsed homes under tarpaulin tents overnight into Monday, sleeping outside because of the danger of more aftershocks.

“Our houses are no longer liveable because many have collapsed and are full of cracks, so we can’t go inside any more,” Mbay resident Junaidin, 32, told AFP outside his self-made tent that was sleeping about 30 people.

For many residents, the disaster revived painful memories of a powerful earthquake and tsunami that struck Flores in 1992, killing about 2,500 people.

“We’re on our own here,” said Junaidin, who like many Indonesians has one name. He expressed frustration with a perceived lag in the arrival of aid.

“As for help from the government, there hasn’t been any – no tents, no medicine, no food, no drinking water, nothing,” Junaidin said.

The Indonesian air force said it was bringing 13 tonnes of emergency aid airlifted in two Hercules transport planes and a Boeing.

It was also deploying helicopters to bring emergency supplies directly to survivors in isolated communities, the Antara state news agency quoted the commander of El Tari airbase in Kupang on Timor island as saying.

The aid included food, clothes, clean water and emergency medical equipment.

The military has deployed personnel to help with distribution in key hubs.

Rescuers were combing the stricken area for victims despite not receiving any reports about missing people, search and rescue official Fathur Rahman told AFP on Monday.

Indonesia will also build an emergency field hospital in several areas to treat the injured, Deputy Health Minister Benjamin Paulus Octavianus said.

Al Jazeera’s Jessica Washington, reporting from Ruteng in East Nusa Tenggara, said medical staff there had to quickly assemble a tent hospital after the hospital was damaged.

While doctors said they have a sufficient supply of medicine, they weren’t able to get to essential equipment that allows them to perform blood tests and X-rays, which means they are “having to treat patients in very difficult conditions”, Washington said.

Many elderly patients “are being exposed to the intense heat of the daytime” and the “rather cold” evening temperatures, which complicates doctors’ ability to treat them, Washington added.

Indonesia experiences frequent earthquakes due to its location along the Pacific “Ring of Fire”, an arc of intense seismic activity stretching from Japan through Southeast Asia and across the Pacific basin.

A magnitude 9.1 tremor in 2004 struck off the coast of Sumatra and triggered a tsunami that killed 220,000 throughout the region, about 170,000 of them in Indonesia.

It was one of the deadliest natural disasters in recorded history.

Migrants rushed to receive water and beverages in Ceuta, Spain, where many have spent days on a beach holding signs seeking asylum. Hungry and thirsty, they remain in the tiny Spanish territory as authorities struggle to manage thousands after a mass border rush.

Published on
02/07/2026 – 9:39 GMT+2

Most Asian stock markets dropped on Thursday, dragged down by a wave of selling in semiconductor shares, as European bourses made a subdued start and Wall Street looked set to open in the red before the release of key US employment figures.

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The pullback centred on the technology sector, where investors retreated from the chip stocks that have powered much of this year’s rally, amid growing unease that the vast sums Big Tech is spending on AI could leave the market awash with supply.

South Korea’s Kospi bore the worst of it, tumbling around 5% as its heavyweight chipmakers slid. Memory specialist SK Hynix lost close to 8% and Samsung Electronics fell more than 6%.

In Tokyo, the Nikkei 225 shed about 1.5%, with chip-equipment maker Tokyo Electron down around 5.6%, while Taiwan’s Taiex slipped 1.1% as TSMC, the world’s largest contract chipmaker, gave up 1.8%.

The falls followed a rough session for chip stocks on Wall Street this Wednesday, where Micron Technology dropped more than 10% and Intel sank around 9%.

The moves stand in sharp contrast to a stellar year for Asian tech, with the Kospi and the Nikkei still up roughly 85% and 34% respectively in 2026.

On the other hand, Hong Kong’s Hang Seng rose about 0.8%, lifted by an 8.7% jump in electric-vehicle maker BYD after it reported a second straight monthly rise in sales, while India’s Sensex added 0.5%.

In Europe, markets opened flat as both the Euro Stoxx 50 and the broader pan-European Stoxx 600 traded within a 1% range at the start of Thursday’s session.

The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Spain’s IBEX 35, all traded between 0.1% and 0.3% higher.

Italy’s FTSE MIB led the pack and rose about 0.4%.

Oil extends its slide and US jobs in focus

Crude prices fell again, trading below where they sat before the Iran war began in late February, as hopes grew that supplies through the Strait of Hormuz will steadily recover.

Brent crude, the international standard, eased around 1% to about $70.89 a barrel while WTI, the US benchmark, dropped 3% to roughly $69.

Attention now turns to the US, where stock futures edged lower ahead of the June employment report, brought forward a day because of Friday’s Independence Day.

Economists polled by Dow Jones expect around 115,000 jobs were added last month.

The figure carries extra weight under the new Federal Reserve chair, Kevin Warsh, with investors wary that a strong reading could harden the case for keeping interest rates higher for longer.

According to economists at Capital Economics, demand for AI may keep growing but at a slower pace than many expect, a caution that helped sour sentiment towards the sector.

Additional sources • AP