Airline shares rose in early trading as the Kospi moved above the 7,500 level.
Korean Air Lines was up 6.31%, or 1,550 won, at 26,100 won as of 2:09 p.m., according to the Korea Exchange. Hanjin KAL gained 3.01%, or 3,300 won, to 113,000 won.
Jeju Air climbed 5.21%, and Trinity Aviation rose 3.01%.
The gains were seen as tied to falling global oil prices and easing war-related tensions. Foreign media reported that the United States and Iran are seeking to sign a memorandum of understanding that would bundle an agreement to keep the Strait of Hormuz open, limit Iran’s nuclear program and lift sanctions on Iran. The plan calls for 30 days of intensive talks immediately after the MOU is signed to work out detailed implementation steps.
U.S. President Donald Trump told PBS in an interview that a deal could be reached before his planned visit to China on the 14-15. Iran said it is reviewing the U.S. proposal and will convey its position to mediator Pakistan.
Expectations that Washington and Tehran are nearing an agreement sent oil prices sharply lower, the biggest drop since mid-April. On ICE Futures, Brent crude for July delivery settled at $101.27 a barrel, down 7.83% from the previous session.
On the New York Mercantile Exchange, WTI crude for June delivery settled at $95.08 a barrel, down 7.03%. Brent and WTI posted their lowest levels since April 21 and April 24, respectively, and both recorded their largest one-day declines since April 17.
* This article has been translated by AI.
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