{
  "id": 71600,
  "title": "Oil prices sink on Middle East hopes, yen extends gains after joint intervention",
  "url": "https://urgent.news/2026/08/03/oil-prices-sink-on-middle-east-hopes-yen-extends-gains-after-joint",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-03T04:36:35.000Z",
  "source": {
    "name": "Channel News Asia",
    "slug": "channel-news-asia",
    "url": "https://www.channelnewsasia.com/business/oil-prices-sink-middle-east-hopes-yen-extends-gains-after-joint-intervention-6294571"
  },
  "original_language": "en",
  "account": "Oil prices plummeted on Monday (August 3) as President Donald Trump announced fresh talks with Iran set to begin later in the day, while the Japanese yen strengthened after the US and Japan confirmed a rare joint intervention to support the currency. The Middle East ceasefire, despite positive developments, failed to bolster Asian equities, with tech giants SK hynix and Samsung leading the decline in South Korea's Kospi after a record-breaking rally on Friday.\n\nPresident Trump had threatened to attack Iran \"very hard\" and even considered renewed strikes against energy infrastructure. However, he later pulled back from this threat, stating that the \"perimeters\" of a deal were already in place. The US president explained that the negotiations would address the Strait of Hormuz, a crucial energy route involved in the conflict, and potentially lead to Iran's complete denuclearization.\n\nThe US president declared the planned strike would have been the \"biggest attack since World War II.\" Iran, in response, stated it was nearing an agreement with Oman over a new route through the strait, which had sparked the recent tensions. The drop in crude prices was partly due to the agreement between Saudi Arabia, Russia, and five other key members of OPEC+, which agreed to boost production by 188,000 barrels a day starting in September.\n\nCurrency markets also saw attention after Trump confirmed that the United States had jointly intervened with Japan to support the yen, which he called a \"signal of friendship.\" The intervention aimed to counter excessive volatility and disorderly movements in the Japanese yen. Japanese Finance Minister Satsuki Katayama confirmed the joint intervention, stating that it would counteract volatility and disorderly movements in the yen.\n\nThe mixed performance of equity markets stemmed from previous extreme AI-linked volatility, with SK hynix and Samsung losing around 7% each. Despite a strong showing on Wall Street, where Amazon surged over 15% following record profits, overall sentiment remained cautious.",
  "summary": null,
  "key_points": [
    "Oil prices drop as Iran talks commence, boosting Middle East hopes",
    "Japanese yen strengthens after US-Japan joint currency intervention",
    "SK hynix and Samsung stocks fall after record-breaking rally"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Hellenic Shipping News",
        "title": "Asia-USWC container rates fall, rates to USEC steady to higher amid Middle East tensions",
        "url": "https://urgent.news/2026/08/02/asia-uswc-container-rates-fall-rates-to-usec-steady-to-higher-amid",
        "published": "2026-08-02T21:00:58.000Z"
      },
      {
        "outlet": "FXStreet",
        "title": "WTI holds losses near $79.00 amid Middle East peace talks, OPEC+ output expansion",
        "url": "https://urgent.news/2026/08/03/wti-holds-losses-near-79-00-amid-middle-east-peace-talks-opec-output",
        "published": "2026-08-03T00:44:02.000Z"
      },
      {
        "outlet": "Euronews",
        "title": "BP profit more than doubles as Middle East conflict boosts oil prices",
        "url": "https://urgent.news/2026/08/04/bp-profit-more-than-doubles-as-middle-east-conflict-boosts-oil-prices",
        "published": "2026-08-04T09:33:17.000Z"
      }
    ]
  },
  "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."
}