New York stocks close mixed… US: “The most intense airstrikes today” [Morning Briefing]

◆New York stocks close mixed amid Hormuz jitters

With the Iran war stretching beyond 10 days and conflicting signals emerging over crude supply, the three major indexes on Wall Street ended mixed. In early trading today in New York, the Dow Jones Industrial Average fell 0.07% from the previous session and the Standard & Poor’s (S&P) 500 slipped 0.21%. The tech-heavy Nasdaq Composite edged up 0.01%. As optimism grew over an early end to the war, international oil prices fell and US stocks opened higher, but gains were pared in the afternoon after mixed remarks about conditions in the Strait of Hormuz. After reports said US intelligence had detected signs that Iran was moving to lay mines in the Strait of Hormuz, President Donald Trump said, “If mines are laid for any reason, they will face unprecedented military attacks.”

◆International oil prices plunge… WTI -11.94%

International oil prices tumbled on the back of President Donald Trump’s remarks that the war with Iran would be wrapped up soon. In early trading today on the New York Mercantile Exchange, West Texas Intermediate (WTI) for April delivery settled at $83.45 a barrel, down $11.32 (11.94%) from the previous session. It fell as low as $76.81 (-18.95%) intraday. The move is seen as reflecting Trump’s comment at a press conference the previous day on the Iran war: “It’s going to be ended soon.” In its monthly report released today, the US Energy Information Administration (EIA) forecast Brent crude would trade above $95 for the next two months, but projected it would fall to around $70 by year-end.

◆“The most intense airstrikes today”… fighters and bombers fully mobilized

US Defense Secretary Pete Hegseth said today, marking the 11th day of attacks on Iran, that “today will once again be the most intense day of attacks on Iran.” At a military operations briefing at the Pentagon, Hegseth said Iran is isolated and is being “soundly defeated” on the 10th day of Operation “Majestic Wrath,” adding that “the most fighters and bombers, and the most airstrikes, will be conducted.” He also said the objectives of the US military operation include destroying Iran’s missile stockpiles and launchers, its defense industrial base and missile manufacturing capability, destroying its navy, and permanently preventing it from acquiring nuclear weapons. He did not, however, provide specific figures on when the operation might end.

◆Appeals trials of Kim Keon-hee and Han Duck-soo begin in earnest today

An appeals trial for First Lady Kim Keon-hee, who was sentenced to 1 year and 8 months in prison on charges including receiving money and valuables from the Unification Church, begins today. The Seoul High Court’s Criminal Division 15-2 will hold the first pretrial hearing for Kim at 2 p.m. today on charges including violations of the Capital Markets Act and bribery-related offenses. An appeals trial for former Prime Minister Han Duck-soo, who was sentenced to 23 years in prison at first instance on charges including participation in key duties related to insurrection, will also begin. The Seoul High Court’s Criminal Division 12-1 will hold the first hearing in Han’s case from 10 a.m. today, hear both sides’ grounds for appeal, and then proceed with the examination of Lee Sang-min, former Minister of the Interior and Safety, as a witness.

◆Inland areas to see day-night temperature swings of around 15°C

Today, Wednesday, will be mostly cloudy nationwide, with inland areas seeing large day-night temperature gaps of around 15°C. Morning lows will range from -3°C to -4°C, while daytime highs will be 7–13°C, similar to or slightly lower than seasonal norms. In most regions, morning temperatures will stay below zero, with Gangwon’s inland and mountainous areas dropping to -5°C or lower. Between morning and afternoon, some areas along the west coast of Incheon and Gyeonggi and the northern west coast of South Chungcheong may see light raindrops of less than 0.1mm. Dry weather advisories are in effect for the east coast of Daegu and southern North Gyeongsang and for Busan, Ulsan, and the central southern coast of South Gyeongsang. With generally dry air across the Yeongnam region and slightly stronger winds, conditions are favorable for large fires. Fine dust levels are expected to be “Bad” in Seoul and Gyeonggi, western Gangwon, Daejeon and Sejong, North Chungcheong, Daegu and North Gyeongsang, and Ulsan, and “Moderate” elsewhere. Incheon, eastern Gangwon, South Chungcheong, North Jeolla, and Busan and South Gyeongsang are expected to remain at “Bad” levels through the morning.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com