Oil Prices Drop Amid Hopes for U.S.-Iran Peace Deal
Oil prices fell sharply on Monday as hopes for a peace deal between the U.S. and Iran grew. Brent crude futures dropped more than 5% to $83.52 a barrel after President Trump announced that talks with Iran would take place. This development follows Trump's decision to call off an attack on Iran to pursue a diplomatic resolution. The potential reopening of the Strait of Hormuz, a critical route for global energy supplies, is a key focus of these negotiations. Meanwhile, the Japanese yen strengthened after the U.S. and Japan confirmed joint intervention to support the currency. 
