Oil Prices Plummet Amid Iran Hopes, Yen Surges After Rare US-Japan Intervention

Oil prices plummeted over 6% to $82.41 as hopes of peace in the Middle East grew, following U.S. President Donald Trump's announcement that talks with Iran will happen on Monday.

This move came after Trump had called off an imminent attack on Iran to reach a deal to reopen the Strait of Hormuz and resolve tensions over Tehran's nuclear capabilities.

The yen also surged more than 1% to 155.39 per U.S. dollar in a sudden move, following a rare coordinated intervention by Japan and the U.S. to support the currency.

Japan's finance ministry confirmed that the two nations conducted joint yen-buying intervention, and will not hesitate to take further action if necessary.