Oil prices
South Korea's consumer prices rise 2.2% in March amid surging oil prices
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South Korea's consumer prices rose 2.2 percent in March from a year earlier, government data showed Thursday. The increase, exceeding the government's 2 percent inflation target, was mainly driven by a surge in global oil prices due to prolonged Middle East tensions. It marks the steepest rise since December's 2.3 percent, according to the Ministry of Data and Statistics.
The Korean won opened at 1,519.9 per U.S. dollar in Seoul on Tuesday, hitting its weakest level in 17 years. Fears of global oil supply disruptions grew due to the escalating Middle East conflict. The KOSPI index also opened nearly 3 percent lower.
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Oil prices jumped 3% on Monday, March 29, with Brent crude nearing $120 per barrel, building on last week's rally triggered by US-Iran threats. Escalating conflicts, including fears of a US ground offensive in Iran and Iran-aligned Houthi attacks on Israel, fueled the surge amid supply disruptions in key shipping lanes.
The South Korean won fell sharply past the 1,500-won level against the US dollar on Thursday as global oil prices surged amid escalating Middle East tensions. It opened at 1,505 won per dollar, down 21.9 won from the previous session, breaching the psychologically and technically critical threshold.