US sanctions target Iran's trading partners; Coles results due as ASX awaits inflation data

The United States announced expanded secondary sanctions against Iran's trading partners, aiming to sever its financial connections globally. Treasury Secretary Scott Bessent unveiled the measures Monday as part of an "economic onslaught" against Tehran. The sanctions target entities and countries maintaining business ties with Iran, threatening their access to the US dollar-based financial system. Bessent declined to identify specific countries or timelines. Oil prices fell over 2% as traders shrugged off the announcement, with Brent crude settling at $92.17 per barrel. The move follows US and Israeli air strikes on Iran in February, which sparked a conflict disrupting shipping and oil flows. Washington is wary of Chinese retaliation ahead of expected Trump-Xi talks next month. Iran dismissed the threat and warned ships against passing through the Strait of Hormuz without permission.