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Commodities

Kospi Plunges Amid Middle East Tensions and Oil Price Surge

Guavy AI Editorial Team
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Oil
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The Korean stock market opened sharply lower on Monday due to heightened Middle East concerns and rising oil prices. The Kospi index dropped by over 3 percent, opening at 6,692.61 points.

On Friday, the US stock market showed a slight increase after reports emerged that Gulf diplomats and Iran officials could hold a meeting to discuss plans to reopen the Strait of Hormuz without US participation.

However, Omani foreign minister's announcement that the meeting was indefinitely suspended dampened hopes for the opening of the crucial shipping route, causing oil prices to rise and stock markets to decline.

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