South Korean stocks started sharply lower Friday after the new Iranian leader vowed to maintain the blockade of the crucial Middle East waterway, pushing global crude prices toward the $100 level.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 170.86 points, or 3.06 percent, to 5,412.39 at the opening bell. The index edged down 0.48 percent Thursday.
Overnight, the Dow Jones Industrial Average shed 1.56 percent to its lowest point this year. The tech-heavy Nasdaq Composite fell 1.78 percent, and the S&P 500 lost 1.52 percent.
The decline came after Mojtaba Khamenei, who was named to succeed his father as Iran's new leader, vowed to keep the Strait of Hormuz closed, a waterway responsible for the passage of about 20 percent of global oil shipments while warning of stern actions against the US and Israel.
Brent crude oil prices, the international oil benchmark, surpassed $100 per barrel, while the US benchmark West Texas Intermediate (WTI) reached $95.73. (Yonhap)
