TOKYO - Asian shares slipped on Monday, weighed down by underperforming Chinese stocks, while oil prices rallied on news the United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3 percent, edging away from a nine-month peak scaled last week after Chinese economic data beat expectations and eased concerns about the health of the world economy. The index was still within touching distance of a 1-1/2-month peak reached on Thursday after steady U.S. retail sales data.
Brent crude futures were up 2.5 percent at $73.76 per barrel after brushing $74.31, the highest since Nov. 1, 2018.The U.S. reimposed sanctions in November on exports of Iranian oil after President Donald Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.
Now gas is sky high in cost too 🤬🤬🤬🤬 This has to stop, or people won't be able to afford to drive anymore.
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