Kospi opens higher on Wall Street gains following U.S.-Iran deal

Stocks opened more than 1.5 percent higher Tuesday, tracking overnight gains on Wall Street after the United States and Iran reached an agreement to reopen the Strait of Hormuz, boosting investor sentiment.

The Kospi opened up 150.57 points, or 1.76 percent, to 8,696.55.

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 $83.17 per barrel, while U.S. WTI dropped 4.87 percent to $80.75 per barrel, easing concerns over inflation.

Yonhap