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Kospi opens sharply lower as new Iran leader vows to keep Hormuz blockade

Published: 13 Mar. 2026, 09:29

This photo, taken March 12, 2026, shows a dealing room of Woori Bank in Seoul. [YONHAP]

Korean stocks started sharply lower Friday after the new Iranian leader vowed to maintain the blockade of the crucial Middle East waterway, pushing global crude prices toward the $100 level.

The Kospi fell 170.86 points, or 3.06 percent, to 5,412.39 at the opening bell. The index edged down 0.48 percent Thursday.

Overnight, the Dow Jones Industrial Average shed 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.

The decline came after Mojtaba Khamenei, who was named to succeed his father as Iran's new leader, vowed to keep the Strait of Hormuz closed, a waterway responsible for the passage of about 20 percent of global oil shipments while warning of stern actions against the United States and Israel.

Brent crude oil prices, the international oil benchmark, surpassed $100 per barrel, while the U.S. benchmark West Texas Intermediate (WTI) reached $95.73.

The won was quoted at 1,481.2 per dollar, down 14.7 won from the previous session, marking its first fall in three days.

The won weakened by 6.9 won from the previous session to trade at 1,488.1 won against the dollar as of 9:22 p.m.

Yonhap