The won-dollar exchange rate ended in the 1,500 won range for the first time since the financial crisis.

In Seoul’s foreign exchange market on Thursday, the won ended the onshore session at 1,501.0 per dollar, up 17.9 won from the previous day’s close.

It was the highest level since March 10, 2009, when it closed at 1,511.5 per dollar, based on the onshore close.

The rate opened at 1,505.0 per dollar, up 21.9 won from the previous day. It fell to 1,494.5 during the session, but later extended gains again to trade above 1,500.

Rising military tensions in the Middle East had a direct impact on the move. Israel attacked major gas facilities in Iran, and Iran retaliated against gas facilities in Qatar, sharply escalating the level of conflict.

The widening geopolitical risk led to a surge in international oil prices. Brent for May delivery rose above $110 a barrel, stoking inflation concerns.

U.S. monetary policy factors also added pressure for the exchange rate to rise. Federal Reserve Chair Jerome Powell mentioned price pressures from rising oil prices at a news conference after holding the policy rate, and said a cautious stance on the timing of rate cuts.

Those remarks were interpreted in the market as a signal that a tight policy stance could last longer than expected, fueling dollar strength.