Oil Prices Plummet as US-Iran Tensions Ease

Oil prices plummeted by as much as 7.4 percent on Friday after the US and Iran refrained from retaliatory attacks, easing fears of potential disruptions to energy supplies in the Middle East.

The price of Brent crude oil fell below $90 a barrel before recouping some of its losses following the suspension of hostilities between the two nations.

Meanwhile, shares and bonds rose as tensions eased, with the MSCI Asia Pacific share index rising by 0.4 percent and futures contracts on the Nasdaq 100 increasing by 1.2 percent.

The dollar weakened against most G10 currencies as tensions in the region decreased, while Australian and New Zealand government bonds gained ground due to easing inflation fears.