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South Korea's Kospi hits fresh record as Asia markets trade mixed amid oil surge, Iran risks

South Korea's Kospi opened at a fresh record on Monday, leading gains in Asia-Pacific markets as oil prices surged and tensions between the U.S. and Iran escalated. Investor sentiment remained cautious after President Trump rejected Tehran's latest proposal to end the war, calling it 'totally unacceptable.' Iran's counteroffer demanded an end to the conflict and lifting of sanctions. Meanwhile, Israeli Prime Minister Netanyahu stated that the war with Iran is 'not over,' as the U.S. and Israel continue to target Tehran's nuclear ambitions. The conflict has led to the closure of the Strait of Hormuz by Iran, spiking global energy costs and sharply raising gas prices in the U.S. Trump's upcoming trip to China to meet President Xi Jinping adds further geopolitical complexity. Broader implications include sustained market volatility, higher inflation risks from energy prices, and potential supply chain disruptions for Asian economies.