Oil prices sink on Middle East hopes, yen extends gains after joint intervention

HONG KONG: Oil prices tumbled Monday (Aug 3) 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 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.

His announcement came after he had threatened to hit the Islamic republic "very hard" and was reportedly considering renewed attacks including against energy infrastructure.

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