Oil prices sink on Iran hopes, yen gains after joint intervention
HONG KONG - Oil prices tumbled yesterday as Donald Trump said fresh talks with Iran will begin later in the day, while the yen extended gains after US and Japan
International
2026-08-042026-08-04By Correspondent
HONG KONG – Oil prices tumbled yesterday as Donald Trump said fresh talks with Iran will begin later in the day, while the yen extended gains after US and Japanese officials confirmed a rare joint intervention to prop up the currency.
The positive development in the five-month Middle East war did little to support Asian equities, with tech chipmakers SK hynix and Samsung dragging South Korea’s Kospi down after Friday’s record-breaking rally.
The US president said on Sunday that negotiations would cover the Strait of Hormuz, a route for global energy supplies that has become a key sticking point in the conflict, and ultimately, the denuclearisation of Iran.
