Seoul stocks jump nearly 7% as US, Iran agree on 2-week ceasefire

South Korean stocks spiked nearly 7 percent after the United States and Iran agreed on a two-week ceasefire and the reopening of the Strait of Hormuz, leading to a steep decline in global crude prices. The Korean won also sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index added 377.56 points, or 6.87 percent, to 5,872.34, extending its gains to a fourth straight session.