South Korea’s benchmark index erased record gains after Trump’s Iran remarks spurred oil price rises and US equity futures declines.
South Korea’s KOSPI index reversed from an all-time high of 8,046.78 to fall more than 2% intraday, as escalating US-Iran tensions rattled markets. The decline followed President Trump’s comments signaling reduced patience with Iran, lifting oil prices and pressuring risk assets globally.
The index had climbed over 3% for the week and was on track for a sixth consecutive weekly gain before the reversal. US equity futures turned lower, while oil prices edged higher amid fears of potential military action, with reports suggesting Trump could order strikes inside Iran.
Markets reacted sharply to Trump’s remarks in a Fox News interview, where he urged Tehran to negotiate and warned of limited time for a deal. Israeli officials were reportedly placed on high alert following the developments.