Seoul shares open higher on eased Mideast tensions, mega chip deals

Korean stocks started higher Monday as the United States paused strikes on Iran over the weekend, easing military tensions in the Middle East.

The benchmark Korea Composite Stock Price Index (KOSPI) added 115.65 points, or 1.73 percent, to 6,806.27 at the opening bell.

The U.S. has held off its attack on Iran since Friday after 13 days of air strikes, raising hopes of a diplomatic solution to the near five-month war.

Oil prices also fell as Brent crude futures dropped 5.7 percent to $91 per barrel and West Texas Intermediate slipped 5.5 percent to $84.

Brent crude, the international standard, briefly topped $100 a barrel last week as the U.S.-Iran conflict spread beyond the Strait of Hormuz to the Red Sea.

Also over the weekend, Korean and U.S. tech companies agreed to pursue a series of cooperation projects worth a combined $950 billion during an artificial intelligence summit hosted by the Korean government in San Francisco.

The projects include a long-term deal under which SK Group will supply $750 billion worth of high-performance semiconductors to Nvidia and others. ...