Korean firms express relief for eased uncertainties over US-Iran peace deal
Prospects of an imminent peace agreement between the United States and Iran have injected a wave of optimism into Korea's petrochemical, aviation and key manufacturing industries, as uncertainties surrounding oil prices and global logistics are expected to ease in the short term. The breakthrough comes as U.S. President Donald Trump said Saturday that a formal peace memorandum of understanding is slated for signing on Friday. Trump also said the Strait of Hormuz, a vital maritime chokepoint for global oil and cargo shipments, would be fully reopened immediately after the signing ceremony. The development has eased concerns over prolonged geopolitical risks for Korea's petrochemical industry, which has borne the brunt of the Middle East conflict among Korea's industries. The Hormuz blockade had severely disrupted the supply of naphtha, a key petrochemical feedstock, forcing domestic naphtha cracking centers (NCCs) to cut operating rates to as low as 50 percent and declare force majeure to overseas customers. Though structural challenges, including oversupply from Chinese rivals, remain, ma
