U.S. President Donald Trump said he had canceled a planned strike on Iran after requests from Saudi Arabia, the UAE, Qatar and Iran, shifting his stance over the weekend from an imminent attack to a pause. Trump said there was already an agreement on the Strait of Hormuz and that a deal on denuclearization would also be reached. He added that talks would begin on Monday afternoon local time, or Tuesday morning in Beijing, while saying the U.S. remained ready to act at any time.
Following the comments, Brent crude retreated sharply from a weekend high of $91 to $83.8, a drop of about 9%. The move in oil did not translate into strength for regional equities at Monday’s open. According to Bitget market data, Japan’s Nikkei 225 fell 659.27 points, or 1.02%, while South Korea’s KOSPI dropped 217.22 points, or 3.29%. Among major tech names, SK Hynix was down 4% and Samsung Electronics fell 5%.
Trump shifted his Iran stance again over the weekend, moving from an “imminent strike” to a pause, according to BlockBeats on Aug. 3.
In his latest comments overnight, Trump said he had canceled the strike on Iran at the request of Saudi Arabia, the United Arab Emirates, Qatar and Iran. He added: “I think there is already an agreement on the Strait of Hormuz, and an agreement on denuclearization will also be reached. We are talking with them in the form of negotiations, starting tomorrow afternoon (Tuesday morning Beijing time). We are ready to act at any time.”
After those remarks, Brent crude fell quickly from a weekend high of $91 to $83.8.
The development did not lift Japanese and South Korean equities. According to Bitget market data, Japan’s Nikkei 225 opened down 659.27 points, or 1.02%, on Monday, while South Korea’s KOSPI fell 217.22 points, or 3.29%. SK Hynix dropped 4%, and Samsung Electronics was down 5%.
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