South Korean Won Drops as Tensions Surge Over Strait of Hormuz Standoff

The South Korean won slid against the U.S. dollar Monday as fresh threats from U.S. President Donald Trump targeting Iran’s energy infrastructure shook global markets. Trump warned of severe repercussions if Tehran fails to reopen the strategic Strait of Hormuz, extending his deadline for a resolution to Tuesday evening. The won closed at 1,506.3 per dollar, reflecting increased demand for dollars amid surging oil prices and regional instability. Global crude prices soared above $110 per barrel,