The Korea Times
Korean stocks dropped over 3 percent late Thursday morning after U.S. President Donald Trump warned that the United States would strike Iran "extremely hard" over the next few weeks. The benchmark Korea Composite Stock Price Index (KOSPI) fell 197.1 points, or 3.6 percent, to 5,281.6 as of 11:20 a.m. The index opened more than 1 percent higher, tracking overnight gains on Wall Street, but turned negative after Trump's remarks dashed hopes for a swift end to the monthlong conflict. In a prime-time address earlier in the day, Trump said, "We are going to hit them extremely hard over the next two to three weeks" and would "bring them back to the Stone Age," warning that energy facilities in Iran could be targeted if a deal is not reached. The warning pushed up global oil prices, with Brent crude jumping more than 4 percent to above $100 a barrel. The conflict, which began in late February following U.S.-Israeli strikes on Iran, has driven up global oil prices amid supply disruptions, rattling financial markets and fueling concerns over inflation and a potential economic slowdown. In Seoul, mo
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