Oil Prices Plummet Amid US-Iran Ceasefire Talks

The US and Iran's decision to refrain from fighting has led to a decrease in oil prices. The price of Brent crude dropped by 5.5% to $86.68 per barrel, while US benchmark crude fell 6.1% to $83.89 per barrel.

This decline in oil prices has had a positive impact on Asian markets, with Japan's Nikkei 225 rising 0.5%, South Korea's Kospi advancing 1%, and Hong Kong's Hang Seng climbing 1.1%. The Shanghai Composite index also gained 1.1%.

On the other hand, shares in Micron Technology fell 7% and Broadcom lost 2.7%, weighing down the Nasdaq composite index. This comes as investors are concerned about rising inflation and the potential for interest rate hikes by the Federal Reserve.