Middle East Conflict
Seoul shares rise over 1 percent ahead of U.S.-Iran ceasefire talks
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Seoul shares closed higher by 1.4 percent on optimism over upcoming U.S.-Iran ceasefire negotiations following a two-week Middle East truce. The KOSPI ended at 5,858.87, extending weekly gains to nearly 9 percent despite lingering geopolitical concerns. Investor sentiment improved amid positive regional developments.
French and British defense ministers will co-chair a video conference meeting on Tuesday with other countries to discuss contributions to a mission securing the Strait of Hormuz. Iran warned of an immediate response to any military deployment.
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United States President Donald Trump described Iran's conditions to end the Middle East conflict as totally unacceptable. Iran's response was conveyed through a Pakistani mediator on Sunday.
The South Korean government announced on April 1 it will expand a mandatory five-day vehicle rotation system to a two-day scheme in the public sector starting next week to curb energy demand amid supply strains from an escalating Middle East conflict. The five-day system for the private sector will remain voluntary. The measure aligns with raising the resource security crisis warning to Level 3, the second-highest 'orange' level.
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Two LPG tankers have safely crossed the Strait of Hormuz amid Middle East conflict to reach India. BW TYR has arrived in Mumbai, while BW ELM heads to New Mangalore. They carry large shipments of propane and butane.
The Union des Armateurs à la Pêche Française (UAPF) and the Association nationale des Organisations de Producteurs (ANOP) warn of challenges from soaring diesel prices since the Middle East conflict. Some vessels operate at a loss while others may stay docked. They await suitable government aid.
Reported by AI
South Korean shares opened nearly 1 percent higher Friday amid hopes the U.S.-Israel war against Iran may end sooner than expected. The benchmark KOSPI rose 0.94 percent to 5,817.11, while the won rebounded from its 17-year low.
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