[Anchor]

As the conflict between the United States and Iran escalates, international oil prices have surged accordingly. Amid concerns that high oil prices will stimulate inflation and further fuel interest rate hikes at a time when interest rates are already on an upward trend, the KOSPI plummeted by nearly 4%.

Here is a report by Min Gyeongho.

[Reporter]

When the United States and Iran resumed their disputes over the Strait of Hormuz, international oil prices reacted immediately.

West Texas Intermediate (WTI) rose 5.2%, breaking back above the 90-dollar mark for the first time since last June.

The sharp rise in international oil prices heightened concerns that inflationary trends would prolong, leading to an increase in Treasury yields.

Long-term bond yields in major countries rose across the board, with the U.S. 10-year Treasury yield climbing to around 4.8%, marking its highest level since January 2025.

Due to rising Treasury yields and growing prospects for a benchmark interest rate hike, the three major U.S. stock indices declined together overnight.

In particular, concerns emerged that rising interest rates might hamper massive investments—which serve as the driving force for growth—in semiconductor-related stocks, causing the Philadelphia Semiconductor Index to drop by 2.1%.

The KOSPI, where Samsung Electronics and SK Hynix account for roughly half of the total market capitalization, took a direct hit.

Plummeting 3.99% to close at 6,562, it marked a downturn after three trading sessions since the 28th of last month, while Samsung Electronics and SK Hynix both recorded declines in the 4% range.

Some analysts suggest that U.S. Federal Reserve Chair Kevin Warsh's hint at monetary tightening during his Jackson Hole speech on the 28th of last month had raised expectations for rate hikes, which is why the market reacted more sensitively to the situation in the Strait of Hormuz.

[Interview / Kim Dong-won, Head of Research Division, KB Securities : As uncertainties in the Middle East expand and high oil prices persist, concerns over interest rate hikes are bound to remain.]

Experts analyze that the stock market's short-term direction will be determined by the U.S. interest rate decision on the 16th and the U.S. Consumer Price Index results on the 11th, which will have a significant impact on it.

(Photo: Yonhap News)
(Video reporting: Choi Ho-jun | Video editing: Kim Ho-jin)