Iran Talks Send Oil Prices Plummeting Amid Mixed Markets
US President Donald Trump announced that conversations are underway between the US and Iran following Tehran's statement that it had no plans for direct negotiations. The news led to a sharp decline in oil prices, with West Texas Intermediate (WTI) Oil plummeting around 7.4% and trading near $78 per barrel.
The drop in oil prices, combined with the firmer ISM Manufacturing Purchasing Managers Index and the stronger US Dollar Index, contributed to a mixed day for major currencies. The US Dollar was the strongest against the British Pound, while the Australian Dollar (AUD) led losses among the majors.
Gold (XAU/USD) edged around 0.2% higher and traded near $4,052 per troy ounce, holding above the $4,000 mark as investors kept defensive exposure in place while the outcome of the Iran talks remained unresolved.