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Asian Currencies Weaken as Middle East Standoff Pushes Oil Above $100

Emerging market currencies fell against the dollar Monday as crude oil surged past $100 a barrel, driven by deteriorating peace prospects in the Middle East conflict. The Korean won and Thai baht led regional declines. Negotiations between the U.S. and Iran showed no signs of progress after roughly ten weeks of fighting. President Trump signaled the ceasefire talks remain on "life support," with both sides rejecting each other's proposals. Rising geopolitical uncertainty drove oil higher and reduced risk appetite among traders, though emerging market stocks held near record levels as some investors sought bargains. High-yield borrowers continued accessing global bond markets, capitalizing on intermittent windows of improved investor sentiment amid the volatile standoff.