The won-dollar exchange rate against the U.S. dollar closed at 1,481.2 won on the 12th. It rose 14.7 won from the previous day.
This is seen as due to signs that the war between the United States and Israel and Iran will be prolonged. When geopolitical risk rises, risk appetite weakens and the value of the won, which is not a reserve currency, tends to fall.
Overnight, four ships were attacked in the waters around the Strait of Hormuz. The Islamic Revolutionary Guard Corps (IRGC) of Iran claimed responsibility for two of the strikes. The targets were the Liberia-flagged cargo ship Express Rome, owned by an Israeli company, and the Thailand-flagged container ship Mayurinari.
Khatam al-Anbiya, the central military command that leads the Iranian armed forces, said on state TV, "Any vessel affiliated with the United States and Israel and their allies, or carrying oil cargo from these countries, will be considered a legitimate target." It added, "Since oil prices depend on regional security that you have unsettled, be prepared for $200 per barrel."
Brent crude futures for May delivery stood at $100.25 per barrel at 11:54 a.m. Korea time. After falling into the $80 range, oil prices topped $100 in four days.
Park Sang-hyun, an analyst at iM Securities, said, "Despite the news of a strategic petroleum reserve release, oil prices rose due to concerns about a prolonged blockade of the Strait of Hormuz," adding, "The market assesses that a strategic reserve release alone is insufficient to calm supply chain disruptions of Iranian crude."