Oil Prices Plummet Amid Hopes of Iran Deal, Yen Surges After Joint Intervention

Oil prices plummeted over 6% to $82.41 on Monday after US President Donald Trump announced that talks with Iran would take place, reviving hopes of a Middle East peace deal.

The sudden drop in oil prices was matched by a decline in stocks, with Japan's Nikkei index falling 1% and South Korea's KOSPI slumping 3.6% after a tumultuous July that saw it plummet 22%.

However, US stock futures rose 0.4% and Nasdaq futures gained 0.6%, bucking the trend of declining markets in Asia.

The Japanese yen saw a sudden surge of over 1% to 155.39 per US dollar after Japan and the US confirmed coordinated intervention to prop up the currency, which had hit fresh 40-year lows.