Seoul, March 16 (QNA) - The South Korean currency retreated Monday to its lowest level in 17 years against the US dollar, amid rising global oil prices and escalating tensions in the Middle East.

The exchange rate reached 1,497.5 won per dollar, down 3.8 won from the previous session, marking its lowest level since March 10, 2009, when the won hit 1,511.1 won during the global financial crisis.

The won opened trading at 1,501 won per dollar, declining 7.3 won from the previous session, breaking the 1,500-won barrier for the first time in daily trading since March 12, 2009.

The won later trimmed its losses, fluctuating in the 1,490-won range, before ending the session slightly lower.

This retreat marked another overnight surge in global oil prices, as US President Donald Trump indicated that the war with Iran may continue for several more weeks, and called on the international community to assist in reopening the Strait of Hormuz for oil tankers.

Brent crude, the global benchmark, rose 2.9% to around USD106.12 per barrel. US oil prices also rose to more than USD100.

The Strait of Hormuz, a major waterway controlled by Iran, has been effectively closed since the start of US and Israeli strikes on Iran in late February.

The KOSPI index also rose by 62.61 points, or 1.14%, to 5,549.85 points today, ending two days of losses, buoyed by gains in large-cap technology stocks. (QNA)