Oil Prices Plunge as Trump Announces Fresh Talks with Iran

Oil prices plummeted on Monday as US President Donald Trump announced that fresh talks with Iran will begin later in the day, covering key issues such as the Strait of Hormuz and denuclearization.

The positive developments in the Middle East conflict had little impact on Asian equities, which were instead dragged down by tech chipmakers SK hynix and Samsung after their record-breaking rally last Friday.

Trump's announcement came after he threatened to hit Iran 'very hard' but later pulled back from that threat, saying the 'perimeters' of a deal are in place.

The US president said the planned strike would have been the biggest attack since World War II, and that negotiations with Iran will begin tomorrow afternoon.