US Treasury Sec. Mnuchin: Will ramp up more on Iran sanctions

Speaking to reporters in Jerusalem on Monday, the United States (US) Treasury Secretary, Steven Mnuchin, said that sanctions on Iran were working and that they were cutting off the money. "The US will ramp up more on Iran sanction, Mnuchin added, as rpeorted by Reuters.

Crude oil prices largely ignored these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $56.30, losing 0.6% on a daily basis and the barrel of Brent was down 0.5% at $61.65.