{
  "id": 69766,
  "title": "Oil slumps on hopes of Iran deal, yen spikes suddenly after intervention",
  "url": "https://urgent.news/2026/08/03/oil-slumps-on-hopes-of-iran-deal-yen-spikes-suddenly-after-69766",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-03T02:17:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/oil-slumps-on-hopes-of-iran-deal-yen-spikes-suddenly-after-intervention/"
  },
  "original_language": "en",
  "account": "Oil prices plummeted and stocks fluctuated on Monday due to growing optimism about potential peace in the Middle East, while the Japanese yen surged unexpectedly after the United States and Japan announced a joint intervention to support the struggling currency. Brent crude futures dropped over 6%, reaching $82.41, following President Donald Trump's announcement that talks with Iran would take place on Monday. He had previously canceled a planned attack on Iran to negotiate a deal to reopen the Strait of Hormuz and address concerns over Tehran's nuclear program. While S&P 500 futures increased by 0.4% and Nasdaq futures climbed 0.6%, Japanese stocks, including the Nikkei and KOSPI, fell by 1% and 3.6% respectively, following a turbulent July that saw its decline of 22%. The MSCI's Asia-Pacific index outside Japan (.MISX00000PUS) also experienced a 1% drop in early trading.\n\nThe Japanese yen appreciated by more than 1%, reaching 155.39 per U.S. dollar, causing traders to anticipate another possible intervention. Japan and the U.S. jointly engaged in a coordinated yen-buying operation and pledged to take further action if necessary, according to Japan's finance ministry. Mizuho Bank strategist Masayuki Nakajima indicated that the objective may not reverse the overall dollar/yen trend, as structural factors continue to favor the yen. However, he suggested that near-term momentum may shift in favor of yen appreciation due to recent U.S.-Japan communication, which carries a warning to speculative traders. President Trump had previously stated on Sunday that the U.S. was assisting Japan to strengthen the yen as a gesture of friendship and to contribute to global economic stability. He claimed that Japan expressed a need for assistance, and the U.S. has always been there for its allies. Nick Twidale, chief market strategist at ATFX Global, criticized Trump's remarks, arguing that the intervention is driven by a \"friendship trade\" and not supported by underlying fundamentals. He anticipates that the market will eventually correct the move once the intervention concludes, unless there is a change in the basic factors influencing the currency.",
  "summary": "Oil prices skidded, and stocks wobbled on Monday as hopes of peace in the Middle East grew, while the yen jumped suddenly after the U.S. and Japan confirmed joint intervention to prop up the frail currency.",
  "key_points": [
    "Brent crude futures dropped over 6%, reaching $82.41",
    "Japanese yen surged unexpectedly after U.S.-Japan intervention",
    "Trump announced talks with Iran on Monday"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "WTI trades below mid-$78.00s, down nearly 8% for the day amid Iran peace deal hopes",
        "url": "https://urgent.news/2026/08/03/wti-trades-below-mid-78-00s-down-nearly-8-for-the-day-amid-iran-peace",
        "published": "2026-08-03T07:58:28.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}