Asian stocks experienced a decline on Monday, mirroring the downturn observed on Wall Street. This drop was influenced by positive job market data that raised concerns about inflation.

Markets in Japan were closed for a holiday, which further contributed to the overall regional downturn. Additionally, U.S. futures also saw a decrease, while oil prices increased by over $1 a barrel.

This rise in oil prices followed the announcement of expanded sanctions by the Biden administration. These sanctions target Russia’s critical energy sector in response to the ongoing conflict in Ukraine. They are considered the most significant to date, focusing on:

• Moscow’s oil industry
• Liquefied natural gas industries

These sectors are vital to the Russian economy, making the sanctions particularly impactful.

📎 Related coverage from: washingtonpost.com