Seoul: Foreign Minister Cho Hyun informed Iranian Foreign Minister Seyyed Abbas Araghchi on Friday that Seoul has yet to decide on deploying military assets to the Strait of Hormuz. This revelation came during phone talks amidst ongoing speculation regarding South Korea's potential military involvement in securing the vital waterway.
According to Yonhap News Agency, the discussion reflects Seoul's contemplation of various options to contribute to securing the strait, amid pressure from the United States. Iran has consistently opposed any foreign military presence in the region, adding complexity to the decision-making process for South Korea.
In other news, a Seoul court acquitted former President Yoon Suk Yeol of charges related to power abuse and aiding a criminal's flight. The court ruled Yoon not guilty of assisting a former defense minister in evading a criminal investigation by appointing him as ambassador to Australia in 2023. This verdict ends the legal proceedings initiated by special counsel Lee Myeong-hyeon's team against the former president.
Additionally, Seoul shares experienced a significant decline of 1.76 percent on Friday. The drop is attributed to rising oil prices, which have intensified inflation concerns among investors. Market participants are now closely watching upcoming U.S. inflation data for potential insights into the Federal Reserve's future interest rate policies. The Korean won also weakened against the U.S. dollar.
Furthermore, Seoul is set to host the inaugural South Korea-Central Asia Summit next week. The summit will focus on enhancing cooperation in critical areas such as minerals, energy sources, and the diversification of global supply chains. The event will bring together the heads of state from Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, and Kyrgyzstan, under the theme of promoting innovation, prosperity, and connectivity between South Korea and Central Asia.