Strait of Hormuz
Seoul stocks open sharply lower amid Hormuz Strait tensions
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Seoul stocks opened sharply lower on Monday amid renewed energy price concerns after Iran's warning on the Strait of Hormuz. The KOSPI fell 4.72% in the first 15 minutes. The drop comes amid escalating U.S.-Iran tensions.
Tensions between the United States and Iran have disrupted energy supplies through the Strait of Hormuz in March 2026, spiking oil and LNG prices and affecting Indonesia. The country relies on imported fossil fuels but holds opportunities from critical mineral reserves. Experts recommend accelerating electric vehicle adoption and leveraging natural resources.
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President Donald Trump retracted his threat on Monday to attack Iran's power plants and extended the deadline to reopen the Strait of Hormuz by five days. He announced productive conversations with Tehran, though Iran categorically denied them. Markets reacted with rising US stocks and falling oil prices.
In a follow-up to his recent warnings, US President Donald Trump sharply criticized NATO allies at the White House for refusing to help secure the Strait of Hormuz amid the ongoing US-Iran conflict. He called their stance a 'very stupid mistake' and raised the possibility of US withdrawal from the alliance. German Chancellor Friedrich Merz rejected any German military involvement.
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South Korea's government will temporarily designate naphtha as an economic security item amid supply shortages from the Middle East crisis. Finance Minister Koo Yun-cheol announced measures like securing alternative imports and restricting exports. Petrochemical firms risk operational disruptions.