Japan makes diplomatic push for safe passage through key Middle East straits

Oil prices plummeted on August 24 as investors awaited details of President Donald Trump's plan to economically cripple Iran - dubbed the "most crushing" financial operation in history. Asian markets slipped initially, with South Korea's Kospi index falling 1.4 percent after Samsung Electronics announced a massive $80 billion share buyback.

The chipmaker's shares had surged in June on expectations of an artificial intelligence boom, but have since declined amid market uncertainty and a broader tech downturn. Nvidia, the world's most valuable company, is set to release earnings during a critical week for AI stocks. The chipmaker's performance will be key in determining whether the AI boom will sustain its momentum.

Alibaba, a major player in the AI sector, announced plans to issue $10.2 billion in new shares to fund its global AI initiatives. Hong Kong saw a sharp decline despite Shein, a fast-fashion company, planning to list on the Chinese financial hub's market. The listing was expected to value the company at nearly $27 billion. US Treasury Secretary Steve Bessent will provide further details on Monday about his administration's intensified efforts to pressure Iran's economy.

The US has urged allies and China to join its campaign against Tehran, as the country's involvement in the Middle East conflict enters its sixth month. US Vice President Kamala Harris acknowledged the plan would be a "delicate dance" as Iran attempts to apply economic pressure on the United States. Bessent hinted at private discussions with Beijing, urging the country to participate in the effort.

Both major crude oil contracts fell by 2.3 percent, with Brent crude settling at $92 a barrel. Traders are eagerly awaiting insights from this week's Jackson Hole gathering of central bankers and finance chiefs, hoping for clarity on the US monetary policy.