Trump's Peace Deal Hopes Send Oil Prices Plummeting

Oil prices plummeted by over $4.50 per barrel to $83.40 as US President Donald Trump announced that talks with Iran would happen on Monday, sparking hopes of a peace deal in the Middle East.

The Brent crude futures sank more than 5% after Trump called off an attack on Iran and expressed interest in pursuing a deal to reopen the Strait of Hormuz.

European stock markets jumped on the news, with the German DAX reaching an intra-day record and rising 1.3%. The S&P 500 futures also rose by 0.5%, while Nasdaq futures gained 0.6%.

The yen firmed to a three-month high after the US and Japan confirmed joint intervention to support the weak currency, with Japan's finance ministry stating that they would not hesitate to take further action if necessary.