Seoul:<Text>
South Korean stocks started sharply lower Friday as the new Iranian leader vowed to maintain the blockade of the crucial Middle East waterway, pushing global crude prices toward the $100 level. The benchmark Korea Composite Stock Price Index (KOSPI) fell 132.95 points, or 2.38 percent, to 5,450.30 as of 9:15 a.m. The index edged down 0.48 percent Thursday.
According to Yonhap News Agency, the decline in the KOSPI followed a challenging session on Wall Street. The Dow Jones Industrial Average dropped 1.56 percent to its lowest point this year. The tech-heavy Nasdaq Composite fell 1.78 percent, and the S&P 500 lost 1.52 percent. These losses were triggered by Mojtaba Khamenei's announcement as Iran's new leader. He vowed to keep the Strait of Hormuz closed, a critical waterway that facilitates about 20 percent of global oil shipments, and warned of stern actions against the U.S. and Israel.
Brent crude oil prices, the international oil benc hmark, surpassed $100 per barrel, while the U.S. benchmark West Texas Intermediate (WTI) reached $95.73. The rising oil prices significantly impacted various sectors in Seoul. Top tech giant Samsung Electronics dropped 3.19 percent, with SK hynix also declining 3.12 percent. Top battery maker LG Energy Solution slid 4.95 percent, and Samsung SDI fell 3.12 percent.
Oil refiners opened lower, with SK Innovation falling 3.7 percent and S-Oil sliding 2.71 percent. In the aviation sector, leading air carrier Korean Air saw a slight increase of 0.41 percent, while Asiana Airlines shed 0.57 percent. The Korean won was trading at 1,488.1 won against the U.S. dollar, down 6.9 won from the previous session.
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