Seoul stocks up for 4th day to finish above 8,700 on U. S.-Iran deal optimism

SEOUL, June 16 (Yonhap) -- Seoul stocks shot up by more than 2 percent Tuesday, extending their winning streak to a fourth day on optimism over a U. S.-Iran deal to end the conflict and reopen the Strait of Hormuz. The local currency weakened against the U. S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 180.62 points, or 2.11 percent, to close at 8,726.6. Overnight, U. S. stocks rallied after U. S. President Donald Trump said a preliminary agreement to end the conflict with Iran had already been signed and the Strait of Hormuz would be "completely opened" Friday. The S&P 500 rose 1.7 percent, and the tech-heavy Nasdaq 100 gained 3.1 percent, while the Dow Jones Industrial Average reached a record high. Oil prices retreated. Brent crude fell 4.76 percent to US$83.17 per barrel, while U. S. WTI dropped 4.87 percent to $80.75 per barrel, easing concerns over inflation. Financial data is displayed on a screen in Hana Bank's dealing room in central Seoul on June 16, 2026. (Yonhap) ejkim@yna.co.kr(END)