Iran warned South Korea on Monday against deploying forces or joining operations in the Persian Gulf or Strait of Hormuz, saying such involvement would amount to direct support for the United States and could bring serious consequences. The warning came during an ongoing military standoff involving the U.S., Iran and other Gulf states, after previous exchanges of strikes between Washington and Tehran. It underscores the sensitivity surrounding foreign military involvement in the strategic waterway, where additional deployments could be interpreted as escalation. Market pricing for a potential U.S. invasion of Iran before 2027 has risen slightly. Observers will focus on South Korea's response, diplomatic contacts, possible deployment announcements by the U.S. and its allies, negotiations over the Strait of Hormuz, and statements from Iranian or U.S. leaders that could alter the course of tensions.