[Morning Briefing] Trump: "War entering its final phase"…Wall Street ends higher

◆ Wall Street surges on hopes of an end to the war…Nasdaq up 1.3%

All three major U.S. stock indexes closed higher. On the 9th local time, the Dow Jones Industrial Average rose 0.5% from the previous session to 47,740.80, the S&P 500 gained 0.83% to 6,795.99, and the Nasdaq jumped 1.38% to finish at 22,695.95. Stocks opened lower, but rebounded late in the afternoon after comments by U.S. President Donald Trump—suggesting that “the war could end soon”—became known. For the Nasdaq, the intraday swing from the low to the high amounted to about 3 percentage points.

◆ Trump: "War entering its final phase…also considering taking control of the Strait of Hormuz"

In a phone interview with CBS News, President Trump said, “I think the war is entering its final phase.” He added, “They have no navy, no communications, and no air force,” and said that “(the situation) is far ahead of the originally expected timeline (4–5 weeks).” He went on to warn, “They’d better not try any clever move. Otherwise, that country will be finished.” Regarding Iran’s Strait of Hormuz, he noted that ships are currently transiting and said, “We’re also thinking about taking control of it.”

◆ Crude prices tumble on Trump remarks and potential G7 strategic stock release

International oil prices, which had climbed intraday to as high as $119.5 a barrel in Asian markets, fell back into the $80s per barrel. On ICE Futures Europe, Brent crude for May delivery settled at $98.96 a barrel, up 6.8% from the previous session. On the New York Mercantile Exchange, WTI crude for April delivery also settled at $94.77 a barrel, up 4.3%. However, after the Group of Seven issued a statement that it could release strategic petroleum reserves—and Trump’s remarks were reported—oil quickly gave back much of its gains.

◆ Gasoline prices near 2,000 won per liter…price cap revival after 30 years

With domestic fuel prices nearing 2,000 won per liter, the government is pushing to introduce a “maximum price system” for petroleum products for the first time in about 30 years. The Ministry of Finance and Economy and the Ministry of Trade, Industry and Energy plan to issue the relevant public notice within this week to implement the system first and then assess market conditions. The move follows President Lee Jae-myung’s call to “swiftly introduce the maximum price system and implement it boldly,” adding, “Prepare preemptive measures with even the worst-case scenario in mind.” The system was introduced in 1970 but has not been invoked since petroleum product price liberalization in 1997.

◆ South Korea baseball team reaches WBC quarterfinals for first time in 17 years

South Korea’s national baseball team advanced to the World Baseball Classic (WBC) quarterfinals for the first time in 17 years, since 2009. In the final game of Pool C of the first round of the 2026 WBC held at the Tokyo Dome in Japan the previous day, South Korea defeated Australia 7–2. The team had earlier beaten the Czech Republic 11–4, but lost to Japan 6–8 and fell to Taiwan 4–5, posting a 2–2 record. However, by meeting the scenario of a “win by at least five runs while allowing no more than two runs” against Australia, South Korea moved into second place in Pool C. The team will head to Miami, the U.S., to pursue the remaining knockout-stage games.

◆ Snow and rain forecast nationwide…up to 10 cm of heavy snow in Yeongnam

On Tuesday the 10th, morning temperatures in most parts of the country will drop below freezing. Temperatures will rise during the day, with a daily temperature range expected to widen to around 15 degrees Celsius. Morning lows will be -5 to 2°C, and daytime highs will range between 7 and 12°C. Skies will be generally clear nationwide, though in Busan and Ulsan there may be light rain of less than 0.1 mm or flurries of less than 0.1 cm before dawn. Fine dust levels are forecast to be “moderate” nationwide.

Oh Se-seong, Hankyung.com reporter sesung@hankyung.com