Oil prices fell on Tuesday after the United States waived sanctions on Iran, allowing Tehran to export more crude oil. Brent crude dropped by 2.3% to $72.15 a barrel, while West Texas Intermediate fell 2.5% to $68.30 a barrel. The move is expected to increase global oil supply, easing recent price pressures.
Meanwhile, global stock markets tumbled following a sharp sell-off in US technology shares on Monday. The UK's FTSE 100 index fell 0.9% to 10,343 points, while Germany's DAX dropped 1.2% and France's CAC 40 lost 1.1%. Asian markets also declined, with Japan's Nikkei 225 falling 1.8% and Hong Kong's Hang Seng index down 1.5%.
The US tech sell-off was driven by concerns over rising interest rates and regulatory pressures on major tech companies. The Nasdaq Composite index fell 2.6% on Monday, its biggest single-day decline in three months. Investors are now awaiting the Federal Reserve's next policy decision, which could further impact market sentiment.
Analysts say the combination of lower oil prices and falling stock markets reflects uncertainty about global economic growth. The US waiver on Iran sanctions is seen as a temporary measure to stabilize oil markets, but its long-term impact remains unclear.
