Oil Prices Plummet on Iran Diplomacy Hopes as Yen Surges
Brent crude prices plummeted over 6% to $82.41 a barrel amid renewed optimism about diplomatic talks between the US and Iran, easing concerns over potential supply disruptions in the Strait of Hormuz.
The drop in oil prices follows recent signals from US President Donald Trump indicating a preference for negotiations over military action regarding Iran's nuclear capabilities.
Meanwhile, the Japanese yen surged 1% following a rare, coordinated intervention by the US and Japan to stabilize the currency, which had been under pressure due to interest rate differentials.
The yen's jump was seen as a short-term boost rather than a long-term trend reversal, with financial strategists noting that speculative traders are still wary of the yen's fundamental weakness.