Oil falls, stocks gain amid Iran peace hopes; yen firms after intervention

NEW YORK/LONDON, Aug 3 : Oil prices dropped and major stock indexes gained on Monday on signs that U.S.-Iran tensions were easing again, while the yen strengthened against the euro and dollar after the U.S. and Japan confirmed joint intervention to support it.Oil prices fell sharply after U.S. President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick deal that could boost oil supplies from the Gulf. U.S. crude was last down 6.07 per cent at $79.53 a barrel and Brent was off at $83.64 per barrel, down 4.88 per cent on the day.However, Iran said on Monday there were no talks under way with the U.S. and no plans for any meetings.Optimism over earnings helped to underpin equities. More than 300 of the S&P 500 component companies have reported earnings so far, wit