THE PESO surged back to the P60-per-dollar level on Monday after the Japanese yen recovered following joint intervention from Japanese and United States regulators, and amid easing tensions in the Middle East. News of the resumption of peace talks between the US and Iran also led to a weaker dollar, the trader said. The peso was supported by easing inflationary pressures due to the decline in global crude oil prices amid hopes for a Middle East peace deal, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. Oil prices fell sharply on Monday as hopes of a peace deal in the Middle East grew, while the yen firmed to a three-month high after the US and Japan confirmed joint intervention to support the weak currency, Reuters reported. Mr. Trump said on Sunday the United States was helping Japan prop up the yen as a sign of friendship and to help the world economy.