Oil prices were down sharply Monday, after climbing by more than 5% last week, with tariffs "ricocheting across the global economy and diplomacy doing its best to drag Iran back into

the fold" —making the the path of least resistance look heavy, said Stephen Innes, managing partner at SPI Asset Management. After last week's gains, traders didn't need much

to hit the sell button, with the "U.S.-led trade-war narrative morphing from background noise into a clear and present demand threat," he said. "Markets are bracing for new

data drops that'll start quantifying just how much damage [President Donald Trump's] tariff campaign is doing to U.S. economy activity," while Washington and Tehran are back