Kospi Bounces Back on Eased Oil Prices Following Trump Comments

Seoul shares closed higher on Thursday as oil prices eased following U.S. President Donald Trump's comments downplaying the prospect of a prolonged conflict with Iran.

The Kospi index rose 16.76 points, or 0.26 percent, to end at 6,579.48, after opening 1.33 percent higher.

This rebound came after the main index plunged 3.99 percent in the previous session amid concerns about new tensions in the Middle East and potential U.S. Federal Reserve rate hikes.

Trump's statement on renewed U.S. attacks on Iran being short-lived helped ease inflation concerns, which had driven oil prices higher.