Seoul/Tokyo, Aug 3 (dpa/GNA) – Oil prices fell on Monday after US President Donald Trump, called off a planned attack on Iran.
A barrel of Brent crude for October delivery was trading at just over $83 in morning deals, down almost 7%. 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%, while Japan’s Nikkei 225 had fallen 1.7%.
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%, while mainland China’s CSI 300, which tracks the country’s largest listed companies, fell around 0.8%.
GNA