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Kospi opens sharply higher as global oil prices ease

Published: 17 Mar. 2026, 09:31

A dealing room at Hana Bank in central Seoul on March 16, 2026 [YONHAP]

Korean shares kicked off sharply higher Tuesday as easing crude prices and hopes for the possible reopening of the Strait of Hormuz lifted major U.S. stock indexes overnight.

The benchmark Kospi rose 161.95 points, or 2.92 percent, to 5,711.80 at the opening bell.

Overnight, the Dow Jones Industrial Average climbed 0.8 percent, while the tech-heavy Nasdaq Composite jumped 1.2 percent and the S&P 500 gained 1 percent, delivering the best day for the U.S. stock market since the United States and Israel launched airstrikes against Iran late last month.

The upbeat mood came as global oil prices retreated, with U.S. President Donald Trump requesting other countries, including Korea, to help reopen the Strait of Hormuz, a major Middle Eastern oil export route.

Remarks by International Energy Agency (IEA) Executive Director Fatih Birol that the IEA member countries could release more oil from their emergency stockpiles if necessary also boosted expectations. The IEA had already announced last week the planned release of a combined 40 million barrels by its member countries.

Brent crude oil prices, the international oil benchmark, dropped 2.8 percent to $100.21 per barrel, while the price of U.S. benchmark West Texas Intermediate (WTI) dipped 5.3 percent to $93.5.

Yonhap