Seoul: The South Korean currency fell past the 1,500 won level against the U.S. dollar Monday as global oil prices surged amid heightened tensions in the Middle East. The won opened at 1,501.0 per dollar, down 7.3 won from the previous session.
According to Yonhap News Agency, the weakness came as global oil prices spiked again overnight, reaching the highest level since 2022 of over US$105 per barrel. This surge followed remarks by U.S. President Donald Trump suggesting that the conflict with Iran could extend for several more weeks, while urging the international community to assist in reopening the Strait of Hormuz to oil tankers.
The foreign exchange and stock markets have shown high volatility since last week as the U.S.-Israeli attacks on Iran have escalated tensions across the broader region.