Correction: South Korean Shares Open Lower on US-Iran Failed Talks
(Corrected to reflect the decline in the indices in the second paragraph)South Korean shares opened lower on Monday after the US and Iran failed to reach common ground after 21 hours of negotiations in Islamabad.The benchmark Korea Composite Stock Price Index, or Kospi, fell 121.59 points or 2.07% to open at 5,737.28. The Kosdaq also decreased 16.78 points or 1.53% to start trading at 1,076.85.US Vice President JD Vance, who led the Washington delegation, said Tehran had refused to accept Washington's terms, while Iran's Ministry of Foreign Affairs on Sunday said that it did not anticipate reaching an agreement with the US in a day.Following the failed talks, US President Donald Trump on Sunday warned on Truth Social that the US Navy would immediately begin blockading all ships attempting to enter or leave the Strait of Hormuz. The US Navy has also been instructed to "seek and interdict" every vessel in International Waters that has paid a toll to Iran.According to Reuters, US forces would block all maritime traffic entering and exiting Iranian ports at 10 am ET on Monday.Following the news, Brent crude surged 7.98% to $102.80 a barrel after a slight loss on Friday, while U.S. WTI jumped 8.61% to $104.88, rebounding from the previous session's decline.