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FINWIRES

South Korean Shares Open 5% Higher on US-Iran Peace Agreement

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South Korean shares opened sharply higher on Monday after the U.S. and Iran signed a memorandum of understanding to end the war that has been raging since February.

The benchmark Korea Composite Stock Price Index, or Kospi, rose 5%, or 402.5 points, to open at 8,526.12. The Kosdaq also increased by 1.9%, or 19.14 points, to open at 1,048.19.

U.S. President Donald Trump said on Truth Social on Monday that the deal with Iran would keep the Strait of Hormuz permanently open "toll-free" to shipping. He also authorized the immediate removal of the U.S. naval blockade from the key waterway.

Oil prices declined sharply in early Asian trading after the agreement made the way for the reopening of the Strait of Hormuz, easing concerns over global supply disruptions. Brent crude shed 3.8% to $84.02 a barrel, while U.S. crude futures slipped 4.1% to $81.40.

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