The won-dollar exchange rate jumped to the 1,480 per dollar range on March 12 as concerns grew that high oil prices could be prolonged due to the war in the Middle East.

In Seoul's foreign exchange market, the won was quoted at 1,484.3 per dollar at 9:09 a.m., up 17.8 won from the previous day's daytime trading close at 3:30 p.m.

The exchange rate opened up 13.6 won at 1,480.1 and has widened its gains.

The exchange rate closed at 1,495.5 on March 9, then fell for 2 straight days as a sharp rise in oil prices eased and the dollar slipped, but it turned higher on March 12.

Oil prices have rebounded again as geopolitical tensions rise over the Strait of Hormuz, acting as a factor pushing the exchange rate higher.

International oil prices rose on worries about supply disruptions from a potential blockade of the Strait of Hormuz, despite the International Energy Agency unveiling a plan for the largest-ever strategic oil reserve release.

West Texas Intermediate crude settled up 4.55 percent at $87.25 a barrel on the New York Mercantile Exchange. WTI rose further in Asian trading and topped $90 intraday.

Oil prices were lifted by news that 3 ships were attacked in the Strait of Hormuz and Iran again stressed its intent to block the strait.

Overnight, U.S. stocks ended mixed.

The Dow Jones Industrial Average and the S&P 500 each fell 0.61 percent and 0.08 percent, while the Nasdaq Composite rose 0.08 percent.

The dollar also rose as risk aversion increased.

The dollar index, which measures the greenback against 6 major currencies, rose 0.26 percent to 99.495. It had fallen to 98.695 the previous afternoon before rebounding into the 99 range.

With foreign investors net sellers, the KOSPI fell 53.00 points, or 0.94 percent, to 5,556.95.

The yen is weakening.

The dollar-yen exchange rate rose 0.17 percent to 159.201 yen.

The won-yen cross rate was 930.05 won per 100 yen, up 1.74 won from the 3:30 p.m. base rate the previous day.

[Yonhap News Agency]