Trump Halts Iran Strike Plan; Oil Drops 9% Over Weekend; Asian Markets Open Lower

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Trump canceled a planned strike on Iran following pressure from Saudi Arabia, the UAE, Qatar, and Iran, causing Brent crude to drop 9% to $83.8 over the weekend. Asian markets opened lower, with Japan’s Nikkei 225 down 1.02% and South Korea’s KOSPI falling 3.29%. Open interest in energy-linked altcoins declined as tech stocks such as SK Hynix and Samsung also dropped.

Huo Xing Finance reports that on August 3, over the weekend, Trump’s strategy toward Iran saw a sudden reversal, shifting from “imminent strike” to “delayed strike.” As of last night and early this morning, Trump’s latest statement was: “At the request of Saudi Arabia, the UAE, Qatar, and Iran, I have canceled the strike on Iran. I believe an agreement has already been reached regarding the Strait of Hormuz, and a denuclearization agreement will also be reached. We are engaging in negotiations with them, beginning tomorrow afternoon (Tuesday morning Beijing Time). We are ready to act at any moment.” In response to this news, Brent crude oil prices quickly dropped from a weekend high of $91 to $83.80. However, the positive news did not boost stock markets in Japan and South Korea; according to market data, the Nikkei 225 opened Monday down 659.27 points, or 1.02%, while South Korea’s KOSPI index fell 217.22 points, or 3.29%. SK Hynix dropped 4%, and Samsung Electronics fell 5%.

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