South Korean Stocks Hit Record as Trump Launches “Project Freedom” in Hormuz

CNBC reported Monday that South Korean equities climbed to a record high, extending what had been the index’s strongest monthly performance in April, as investors parsed escalating tensions between the United States and Iran.

Trump Announces “Project Freedom” for Hormuz

President Donald Trump announced via Truth Social on Sunday that the U.S. would attempt to free civilian vessels stranded inside the Strait of Hormuz. The waterway has remained effectively closed since the outbreak of the Iran conflict. Trump labeled the initiative “Project Freedom” and said operations would begin Monday, Middle East time. The effort will focus on extracting ships flagged by nations uninvolved in the conflict so they can resume normal commercial transit.

U.S. Central Command followed Trump’s post with a statement outlining the operation’s military scope. The effort will deploy guided-missile destroyers, more than 100 land and sea-based aircraft, multi-domain unmanned platforms, and roughly 15,000 service members.

Oil Prices Pull Back on Reopening Hopes

Crude markets reacted swiftly to the announcement. West Texas Intermediate futures for July delivery fell roughly 0.6% to just above $101 per barrel in Sunday evening trading. Brent crude edged 0.27% lower to near $108 per barrel. Both benchmarks had surged in prior weeks as the Hormuz closure throttled a critical artery for global oil supply.

Also Read: What the Strait of Hormuz Closure Means for Global Energy Markets

Background: April’s Historic Equity Rally in Seoul

South Korean equities had already been drawing investor attention well before Monday’s session. The Kospi posted its largest monthly percentage gain on record in April, driven partly by expectations of a ceasefire framework and renewed optimism around domestic technology exporters. Monday’s fresh high cemented that momentum heading into a week clouded by geopolitical risk.

Broader Asia and U.S. Futures

The wider Asia-Pacific picture was uneven. Hong Kong’s Hang Seng index futures pointed to a modest gain above the index’s Friday close near 25,776. Australia’s S&P/ASX 200 opened fractionally lower. Markets in Japan and China remained shut for public holidays, limiting overall regional volume.

U.S. equity futures offered little direction. S&P 500 and Nasdaq 100 contracts each added around 0.1% on Sunday night. Dow futures added roughly 100 points. The moves followed Friday’s session in which the S&P 500 and Nasdaq both set fresh all-time intraday and closing highs, while the Dow slipped about 153 points.

Also Read: S&P 500 and Nasdaq Close at Records Ahead of Hormuz Developments

Read Next: Trump’s Iran Conflict and What It Means for Global Trade Routes