US-Iran de-escalation, oil prices drop

After 13 days of tit-for-tat strikes between the United States and Iran, the US held fire over the weekend and Iran announced it would stop retaliatory attacks on regional neighbors. Iran also claimed progress in talks with Oman on managing the Strait of Hormuz. This de-escalation boosted hopes for a ceasefire and reopening of the strait, causing oil prices to tumble. Brent Crude fell over 7% to briefly drop below $90 per barrel, while West Texas Intermediate dropped 4.3%. The positive developments eased inflation worries and lifted most equity markets. However, concerns about AI sector spending and tech stock valuations persisted. Separately, China's memory chipmaker ChangXin Memory Technologies surged 470% on its Shanghai debut, briefly becoming the most valuable company in mainland China. Indonesia's central bank governor Perry Warjiyo resigned unexpectedly.