Tuesday morning, just after midnight U.S. Eastern time, the Trump administration re-imposed a series of sanctions against Iran that had been waived under the Iran nuclear deal.
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It was an Obama-era agreement that gave Iran sanctions relief in exchange for curbs on its nuclear program.
In May 2018, President Trump announced that he was backing out of the Iran Nuclear Deal.
This will just be the first wave with the remainder re-imposed in November.
Brent crude oil futures were up 0.4 percent, while U.S. crude gained 0.3 percent.
Iran shipped out almost 3 million barrels of crude per day in July.
Dow Jones futures were rising by 0.26%. The S&P 500 added 0.18% and the Nasdaq Composite was up 0.32%.
In the U.S., Dow component Walt Disney will headline Tuesday’s earnings news when the entertainment giant reports after the closing bell. Ahead of that we’ll hear from Discovery, Office Depot and Dean Foods in the morning.
Stocks were cautiously higher on Monday, due to the ongoing trade war, while earnings season is starting to wind down.
The Dow Jones Industrial Average rose 39.60 points, or 0.16%, to 25,502.18. The S&P 500 was up 10.05 points, closing at 2,850.40. The Nasdaq Composite rallied 47.66 points, or %, to 7,859.68.
|I:DJI||DOW JONES AVERAGES||25502.18||+39.60||+0.16%|
|I:COMP||NASDAQ COMPOSITE INDEX||7859.678||+47.66||+0.61%|
Meanwhile, on the tariff front, a Chinese state newspaper described as “wishful thinking” President Trump’s belief that a fall in Chinese stocks was a sign of his winning the trade war and an example of his “ability to elasticize the truth.”
China proposed retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following a proposal by the Trump administration for a higher 25 percent tariff on $200 billion worth of Chinese imports.
In Asian market trading on Tuesday, China’s Shanghai Composite rose over 1.43 percent and Japan’s Nikkei finished the day up 0.7 percent.
In Europe, London’s FTSE gained 0.26 percent, Germany’s DAX rose 0.39 percent and France’s CAC was up 0.25 percent.
FOX Business’ Leia Klingel contributed to this article.