Asia Stocks Slip, Oil near Six-month Peak as U.S. Prepares to Tighten Iran Sanctions

Asian shares slipped on Monday burdened by underperforming Chinese stocks. Moreover, oil prices rebounded on news that United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions.

The potential obstruction to Iranian supplies is expected to add to an already tight oil market.

Asian stocks plunged after Chinese stocks retreated from a 13 month high after the comments from top policy makers.

The dollar was steady at 111.925 yen.