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South Korean stocks closed lower on Monday as renewed U.S.-Iran tensions and rising oil prices fueled investor caution, with tech shares leading declines. The KOSPI fell 0.2 percent, while Samsung Electronics and SK hynix dropped sharply before paring losses on investment news.
The United States and Iran have agreed to pause attacks and allow vessels to move freely through the Strait of Hormuz, according to a US official. Technical talks on the memorandum of understanding are set to resume on Tuesday in Qatar, following a weekend of tit-for-tat strikes that threatened the interim deal.
Following Iranian missile and drone strikes that damaged multiple US installations in the Middle East, Washington is considering relocating parts of its military footprint, including to Israel. Reports detail severe damage to the Fifth Fleet's Bahrain base and ongoing deliberations over the future of US posture in the Gulf.
South Korean stocks opened lower on Monday as investor sentiment was weighed down by uncertainty over U.S.-Iran relations. Reports from Yonhap News give differing KOSPI figures, with declines ranging from 1.08 percent to 2.11 percent, and cite renewed oil price concerns and major chipmaker investment plans as additional factors.
Iran launched drone and missile attacks on Bahrain and Kuwait following new US airstrikes, and warned of a 'complete halt' in negotiations if attacks continue. The escalation comes amid efforts to reopen the Strait of Hormuz, where security threats have been raised to 'substantial'.
Renewed US-Iran hostilities, including missile exchanges and attacks on shipping in the Strait of Hormuz, have left global markets unsettled. Despite the tensions, US stocks saw mixed sessions, with tech shares and oil prices experiencing volatility. ASX futures are pointing to a marginal gain on opening.
Iranian Foreign Minister Abbas Araghchi warned that attempts to bypass agreed routes through the Strait of Hormuz would increase tensions, as US and Iranian forces exchanged attacks. The UN shipping agency rejected Iran's sovereignty claim over the waterway, while observers noted a sharp decline in crossings amid the dispute.
Iraq has expressed readiness to host negotiations between the United States and Iran, citing its past role in facilitating indirect talks in 2014. Baghdad has also proposed reviving meetings between Iran, Iraq, and Gulf states, offering to help both Tehran and Washington end their conflict.
A helicopter belonging to Saudi oil giant Aramco crashed on Sunday in Ras Tanura, killing all 14 Saudi nationals on board. The crash comes as Aramco resumed crude oil loadings at the terminal after a nearly four-month halt, with investigations underway to determine the cause.
The United States and Iran have exchanged new rounds of strikes, threatening a fragile ceasefire and raising concerns about the stability of the Strait of Hormuz. Both sides blame each other for violating the interim agreement, while diplomatic efforts to de-escalate continue.
Iran's Revolutionary Guard launched missile and drone attacks on US military sites in Kuwait and Bahrain in response to continued US airstrikes, escalating the conflict as diplomatic efforts falter. Both sides accuse each other of violating the truce, while Gulf states condemn the attacks and the UN Security Council convenes.
The United States and Iran exchanged military strikes in the Gulf region, with Washington responding to an alleged Iranian drone attack on a cargo ship and Tehran retaliating against US targets. The escalation threatens a fragile ceasefire agreed in mid-June, though reports indicate both sides have agreed to halt attacks and meet in Qatar for talks.
The US military has launched fresh strikes on Iran following President Trump's accusation that Tehran carried out a drone attack on a cargo vessel in the Strait of Hormuz. The incident has raised regional tensions, prompting a pause in a UN-coordinated evacuation of seafarers. Iran has responded that passage through the strait must be coordinated with its authorities.
US President Donald Trump has accused Iran of a 'foolish violation' of the ceasefire after a drone struck a cargo ship in the Strait of Hormuz. The UN's shipping agency paused plans to evacuate stranded sailors, and oil prices fell sharply.
IAEA Director General Rafael Grossi said Iran's pledge not to build nuclear weapons requires a 'very strong' verification system, as the US and Iran negotiate a permanent settlement. The nuclear programme remains a key sticking point, with contrasting information on UN inspectors' access and an uncertain fate for Iran's enriched uranium stockpile.
Oil prices rose after an attack on a cargo vessel in the Strait of Hormuz and renewed US-Iran strikes, raising doubts about the return to normal shipping in the critical waterway. Brent crude saw gains across multiple trading sessions as geopolitical tensions persisted.
The UN's International Maritime Organization has paused its evacuation of ships stranded in the Strait of Hormuz after a cargo ship was struck by a projectile off Oman. The attack has raised concerns about the safety of the new transit routes and the stability of the recent US-Iran ceasefire.
A cargo vessel reported being struck by an unknown projectile southeast of Oman's Dahit, causing damage to the bridge, with no casualties or environmental impact reported. The incident comes amid heightened tensions in the Strait of Hormuz, with Iran reportedly threatening vessels using the route without Tehran's permission.
Iran's Revolutionary Guard has warned ships to use only Tehran-approved routes through the Strait of Hormuz, days after a US-Iran memorandum of understanding reopened the waterway. Shipowners are caught between conflicting instructions from Iran, the US, and Western insurers, with concerns over potential future tolls.
Oil prices have dropped to levels not seen since before the Iran war began in late February, as traffic through the Strait of Hormuz gradually resumes following a US-Iran interim deal. The resumption has allowed stranded tankers, including Iraqi crude cargoes, to exit the Gulf, though analysts caution that a sustained recovery hinges on a final peace pact.