Global Markets-Oil slumps on hopes of Iran deal, yen spikes suddenly after intervention

Oil prices skidded and stocks wobbled on Monday as hopes of peace in the Middle East grew, while the yen jumped suddenly after the U.S. and Japan confirmed joint intervention to prop up the frail currency.

Brent crude futures LCOc1 sank more than 6% to $82.41 after U.S. President Donald Trump said talks with Iran will happen on Monday. He had earlier called off an imminent attack on Iran to reach a deal to reopen the Strait of Hormuz and resolve the impasse over Tehran's nuclear capabilities.

The Japanese yen JPY= rose more than 1% to 155.39 per U.S. dollar in a sudden move that put traders on alert for another bout of intervention.