Seoul: South Korean stocks opened markedly lower Tuesday as U.S. President Donald Trump renewed threats against Iran, with no end in sight to the monthlong war in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) opened at 5,143.75, down 133.55 points, or 2.53 percent.

According to Yonhap News Agency, on Monday (U.S. time), Trump threatened to "completely obliterate" Iran's Kharg Island, a key oil hub, as well as its power plants and oil wells, if a peace deal with the United States is not reached "shortly." The conflict, which began in late February following the U.S.-Israeli strikes on Iran, has been escalating, as Iran-backed Houthi militants in Yemen joined the war, stoking fears of further disruptions to global oil supplies.