Oil Prices Plummet on Trump's Iran Talks Announcement
Oil prices plummeted on Monday after US President Donald Trump announced that fresh talks with Iran will begin later in the day. The positive development in the five-month Middle East conflict had little impact on Asian equities, which were dragged down by tech chipmakers SK hynix and Samsung.
The Strait of Hormuz, a key route for global energy supplies, is expected to be discussed during the negotiations. Trump said that the planned strike against Iran would have been 'the biggest attack since World War II'.
Iran's dispute with Oman over control of the waterway sparked the latest flare-up in tensions in the region. A new agreement between Saudi Arabia, Russia, and other key members of OPEC+ to boost production by 188,000 barrels a day from September also weighed on crude prices.