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Seoul stocks open sharply lower amid Middle East crisis fears
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South Korean stocks opened sharply lower on Monday amid rising concerns over a broader Middle East conflict after Iran-backed Houthi militants in Yemen fired missiles at Israel. The benchmark KOSPI fell 240.94 points, or 4.43 percent, to 5,197.93 in the first 15 minutes of trading. Global oil prices climbed while U.S. troop deployments heightened fears.
Diesel prices in Metro Manila could drop to P70 to P90 per liter next week. Local fuel retailers are expected to implement fresh rollbacks following progress in Middle East peace talks.
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Oil prices are falling on hopes for an end to the war with Iran while the US stock market holds near its records. Brent crude dropped 3.2 percent to $97.98 per barrel.
Seoul stocks opened higher Thursday as U.S. President Donald Trump hinted at a possible end to the monthlong war with Iran. The benchmark KOSPI rose 1.15 percent to 5,541.81 in early trading. Global markets rallied similarly on de-escalation hopes.
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The Philippine Coast Guard expects no major impact from the oil crisis and high living costs on Holy Week sea travelers, estimated at three million. PCG spokesperson Commodore Noemie Cayabyab said the effect would be minimal, similar to last year's numbers. Monitoring began on March 28 until April 5 under Oplan Byaheng Ayos Semana Santa 2026.
The Iran war has completed 21 days, severely affecting India's economy, fuel prices, and supplies. Crude oil prices have risen from $70-73 to $108-110 per barrel, with the rupee hitting 93.70 against the dollar. Six Indians have been killed in West Asia amid the conflict.
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South Korean shares opened nearly 1 percent higher Friday amid hopes the U.S.-Israel war against Iran may end sooner than expected. The benchmark KOSPI rose 0.94 percent to 5,817.11, while the won rebounded from its 17-year low.
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