Seoul stocks trade higher late Tuesday morning on US-Iran deal optimism

Seoul stocks were trading higher late Tuesday morning, as investor sentiment was lifted following a U.S.-Iran agreement to reopen the Strait of Hormuz.

The benchmark Korea Composite Stock Price Index (KOSPI) was up 145.52 points, or 1.7 percent, to 8,691.

5 as of 11:20 a.m. Overnight, U.

S. stocks rallied after U.S.

President Donald Trump said a preliminary agreement to end the conflict with Iran had already been signed and the Strait of Hormuz would be "completely opened" Friday. The S&P 500 rose 1.7 percent, and the tech-heavy Nasdaq 100 gained 3.

1 percent, while the Dow Jones Industrial Average reached a record high. Oil prices retreated. Brent crude fell 4.

76 percent to $83.17 per barrel, while U.S.

WTI dropped 4.87 percent to $80.75 per barrel, easing concerns over inflation.

Market top-cap Samsung Electronics edged up 0.89 percent, while industry rival SK hynix rose 2.91 percent.

Defense firm LIG D&A jumped 18.82 percent after announcing a partnership with German defense firm Rheinmetall to cooperate in air defense systems. Daewoo Engineering & Construction surged 22.

71 percent on expec