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US Treasury Secretary Scott Bessent said the US and Iran could reach a deal to reopen the Strait of Hormuz as soon as Tuesday or Wednesday, sending oil prices down about 4% and lifting US equity futures.
The US and Japan confirmed a rare coordinated intervention to prop up the yen, with the New York Fed selling euros for yen on behalf of the Treasury. Trump called it "a sign of friendship", Bessent voiced full support. First joint yen purchase since 1998.
Brent crude fell about 7% on 3 August to a three-week low and traded below $80 a barrel by Wednesday, as markets unwound the war-risk premium after Trump halted strikes on Iran and announced the resumption of peace talks.