Seoul stocks surge over 2% on U.S.-Iran deal optimism
Quick Look
- Seoul stocks rose over 2% Tuesday, marking a fourth day of gains, driven by optimism about a potential U.S.-Iran deal to end conflict and reopen the Strait of Hormuz.
- The Korean won weakened against the U.S. dollar.
AI-generated summary
Why It Matters
Seoul stocks extended their winning streak to a fourth day, driven by optimism over a potential U.S.-Iran deal that could end conflict and reopen the Strait of Hormuz.
SEOUL, June 16 (Yonhap) -- Seoul stocks shot up by more than 2 percent Tuesday, extending their winning streak to a fourth day on optimism over a U.S.-Iran deal to end the conflict and reopen the Strait of Hormuz. The local currency weakened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 180.62 points, or 2.11 percent, to close at 8,726.6.
Overnight, U.S. stocks rallied after U.S. President Donald Trump said a preliminary agreement to end the conflict with Iran had already been signed and the Strait of Hormuz would be "completely opened" Friday.
The S&P 500 rose 1.7 percent, and the tech-heavy Nasdaq 100 gained 3.1 percent, while the Dow Jones Industrial Average reached a record high.
Oil prices retreated. Brent crude fell 4.76 percent to US$83.17 per barrel, while U.S. WTI dropped 4.87 percent to $80.75 per barrel, easing concerns over inflation.
What to Watch
AI outlook — possibilities, not facts
Strait of Hormuz to be completely opened Friday.
Likely · Within days
Open Questions
- Will the U.S.-Iran deal be finalized?
- What are the long-term implications for oil prices?
