Oil Prices Plunge as Trump's Comments Boost Stocks to Record Highs

Oil prices plummeted more than four percent on Monday as markets responded to US President Donald Trump's comments about ongoing negotiations with Iran, despite Tehran's denials.

The drop in oil prices contributed to a buoyant session in Wall Street, where all three major US indices reached new highs. The Dow rose 1.3 percent to an all-time high of 53,178.41, while the S&P 500 and Nasdaq Composite also surged by 1.5 and 2.1 percent respectively.

Analysts attributed the stock market's performance to a combination of geopolitical developments and strong corporate earnings. Angelo Kourkafas of Edward Jones noted that 'the geopolitical developments and the drop in oil prices is really providing some fuel for stocks to run towards a new high.'

In contrast, technology companies continued to face pressure in Asia, with concerns over massive investments in artificial intelligence weighing on investor sentiment.