Seoul Stocks Open Sharply Lower as Middle East Tensions Lift Oil Prices

According to The Korea Herald, Seoul stocks opened sharply lower Monday as geopolitical uncertainty in the Middle East pushed oil prices higher, even as Wall Street advanced. The benchmark Korea Composite Stock Price Index fell 215.35 points, or 3.12 percent, to 6,694.56 as of 9:16 a.m. On Friday, U.S. stocks closed higher after reports said Gulf diplomats and Iranian officials could meet Monday to discuss plans to reopen the Strait of Hormuz without U.S. participation. The S&P 500 rose 0.86 percent.