Korean won weakens against US dollar as oil prices surge

The Korean won experienced a decline against the US dollar on Friday due to a surge in global oil prices, driven by renewed uncertainties surrounding the war in the Middle East. The exchange rate fell to 1,336.7 won per dollar, a drop of 6 won from the previous trading session. This decline was further exacerbated by Iran's media reporting of oil tankers being hit by explosions in the Strait of Hormuz, leading to a 3.3 percent increase in Brent crude futures to $95.82 per barrel.

The situation prompted foreign investors to sell a net 550 billion won ($411 million) worth of local shares during the latest regular stock trading session, while the Korea Composite Stock Price Index fell 0.98 percent to close at 5,290.53.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.