Trump Calls Off Iran Attack, Oil Prices Plummet

Oil prices dropped significantly after US President Donald Trump announced he was calling off a planned attack on Iran, giving fresh negotiations with the country a chance.

The price of Brent crude for October delivery fell by almost 7% in morning deals, trading at just over $83 per barrel. This sharp decline was likely due to the reduced threat of military action in the region, which had contributed to rising oil prices in recent days.

The impact on stock markets across East Asia was minimal, with South Korea's benchmark KOSPI index down almost 5% and Japan's Nikkei 225 falling 1.7%. Hong Kong's Hang Seng index remained relatively stable, while mainland China's CSI 300 fell around 0.8%.