Oil Prices Fall After Trump Calls Off Iran Attack
SEOUL/TOKYO, Aug 3 (Bernama-dpa) -- Oil prices fell on Monday after US President Donald Trump called off a planned attack on Iran, reported German news agency dpa.
A barrel of Brent crude for October delivery was trading at just over US$83 (US$1 = RM4.08) in morning deals, down almost 7 per cent.
Trump had earlier suspended what he described as the "biggest attack since World War II" to give fresh negotiations with Iran a chance.
The sharp fall in oil prices did little to lift stock markets across East Asia.
By 12:30 pm (0330 GMT), South Korea's benchmark KOSPI index was down almost 5 per cent, while Japan's Nikkei 225 had fallen 1.7 per cent.
Analysts said the weakness was driven mainly by growing concerns that the artificial intelligence boom may be starting to lose momentum.
Hong Kong’s Hang Seng index was little changed, edging up 0.2 per cent, while mainland China’s CSI 300, which tracks the country’s largest listed companies, fell around 0.8 per cent.
--BERNAMA-dpa