The Korea Times
The Korean won weakened markedly against the U.S. dollar Monday as U.S. President Donald Trump ordered a blockade of all ships entering or leaving the Strait of Hormuz after high-stakes peace talks with Iran failed to make a breakthrough. The won opened at 1,495.4 per dollar, down 12.9 won from the previous session's close. The decline came after the United States and Iran concluded marathon talks in Islamabad Saturday (U.S. time) without reaching an agreement. The meeting was the first since a two-week ceasefire was reached last week. Following the breakdown in talks, Trump said the U.S. military would enforce a blockade on all vessels attempting to enter or exit the crucial waterway starting Monday, pushing global oil prices higher amid concerns over further supply disruptions. The currency has shown heightened volatility in recent sessions, in line with developments in the Middle East conflict that began in late February, as rising oil prices have fueled concerns over inflation and a potential economic slowdown. Higher oil prices have pressured the won by increasing demand for dollars
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