The US is set to unveil its “greatest financial offensive” against Iran, with Treasury Secretary Bessent preparing what Washington calls the toughest-ever sanctions campaign, while Tehran mocks the move as “the same movie on repeat” and threatens ship seizures in the Gulf. Oil prices fell slightly on Monday as markets await details, but the broader geopolitical risk remains elevated, with the six-month war ceasefire window closed and no deal in sight. Meanwhile, Syria and Israel held US-mediated talks in Jordan aimed at de-escalating tensions after an Israeli strike near the Turkish border.
Crypto markets held onto a powerful weekly rally, with Bitcoin above $77,000 and XRP surging 46% over the week on hopes of Treasury “curve control” measures. The SEC’s new Reg Crypto proposal is now open for public comment, marking a formal regulatory era for the sector. In a sign of maturing adoption, stablecoin card spending topped $1 billion, with USDC and USDT funding over 70% of everyday purchases from groceries to rides.
In equity markets, Alibaba plunged 10% in Hong Kong after announcing a $10.2 billion share placement to fund AI investments. Tech news also saw Uber facing a near-$1 billion GDPR fine from Dutch authorities over automated driver suspensions, and a mysterious new “stealth model” called Ox Alpha driving speculation in AI circles. The UK’s Resolution Foundation reported that productivity may be growing faster than official figures suggest, slowly emerging from the shadow of the 2008 financial crisis.
Elsewhere, a typhoon threatens the Northern Mariana Islands, Japan, and China, while a landfill collapse in Guinea killed at least 30 after heavy rains. Former cricket captains urged Pakistan to provide proper medical care for Imran Khan, and a photo of Disraeli was among 65 missing parliamentary works of art in the UK. The Maradona “Hand of God” ball sold for $3.35 million at auction.