Attention is focused on whether a dramatic ceasefire agreement can be reached between the two sides, as U.S. President Donald Trump abruptly postponed the deadline for a massive bombing of Iranian power plants to 8 p.m. local time on the 7th (9 a.m. KST on the 8th). Contrary to Trump's claim that Iran's air defense network has been effectively neutralized, the war situation is veering into unpredictable territory, with U.S. fighter jets being shot down by anti-aircraft fire. Iran has refused mediation by third countries such as Pakistan, showing — at least outwardly — a determination to fight to the end. Moreover, Tehran is rattling the global economy by signaling it could threaten navigation not only in the Strait of Hormuz but also in the Red Sea. Global financial markets are expected to see widening volatility this week depending on the course of the Iran war.
