The Korean won weakened past the 1,500 mark against the U.S. dollar for the first time in 17 years on Thursday, as global oil prices surged overnight amid escalating tensions in the Middle East. The KOSPI also plunged as the spike in oil prices, coupled with hawkish signals from Federal Reserve Chair Jerome Powell, weighed heavily on investor sentiment. The won-dollar exchange rate opened at 1,505 per dollar, up 21.9 won from the previous session, before closing at 1,501 won in onshore trading. The close marked the won’s first finish above the 1,500 threshold in about 17 years, since March 10, 2009, at the height of the global financial crisis, when it stood at 1,511.5 won. The country’s benchmark index, meanwhile, closed at 5,771.76, down 153.27 points, or 2.59 percent, from the previous session. The index opened at 5,761.40, down 163.63 points, or 2.76 percent, and continued to slide throughout the session. Investor sentiment had already deteriorated before the market opened due to rising geopolitical tensions in the Middle East. Oil prices surged after reports that the United States