**A persistent heatwave across South Korea, driven by strong high pressure and easterly winds enhanced by Typhoon Dolphin, has produced extreme temperatures in early August 2026, with Seoul recently approaching or reaching 37–39°C.** Official Korea Meteorological Administration (KMA) alerts and monitoring data confirm widespread heatwave warnings, including for the Seoul-Incheon region, where urban heat island effects and high humidity amplify daytime maxima. Model consensus and recent short-range forecasts indicate gradual moderation by August 9 due to shifting wind patterns and increased cloud cover or moisture, positioning daily highs most likely in the 33–35°C range at Incheon (the primary official observation site). Historical August climatology for Seoul shows average highs near 30°C, making the current elevated baseline notable but consistent with the late-summer pattern before typical seasonal decline. Traders assign the highest implied probabilities to 34°C (41.5%) and nearby outcomes because updated KMA and ensemble guidance point to these thresholds, with lower odds on 36°C+ reflecting the expected easing from the early-week peak. Key near-term catalysts include the next KMA forecast updates and any changes in steering flow around the typhoon remnant.