13.03.202604:14:40UTC+00South Korean Won Nears 2009 Lows

The South Korean won weakened to just below 1,490 per dollar, extending losses toward its lowest level since 2009, as surging oil prices and a broader risk-off mood weighed on sentiment. Brent crude climbed above $100 per barrel for the first time since 2022 after Iran’s new leader signaled that the Strait of Hormuz should remain closed and attacks on vessels in the region intensified, heightening concerns about prolonged supply disruptions.

Higher energy prices added pressure on the won, as South Korea relies heavily on imported crude, boosting demand for dollars. Global markets also turned risk-averse, with US stocks falling and Asian equities dropping sharply, including the KOSPI.

At the same time, concerns about South Korea’s export outlook persisted after the United States launched Section 301 investigations into several major economies, including South Korea, over alleged unfair trade practices linked to excess manufacturing capacity, raising the risk of new tariffs on key export sectors.