South Korean shares kicked off sharply higher Tuesday as easing crude prices and hopes for the possible reopening of the Strait of Hormuz lifted major US stock indexes overnight.
The benchmark Korea Composite Stock Price Index rose 147.5 points, or 2.66 percent, to 5,697.35 in the first 15 minutes of trading.
Overnight, the Dow Jones Industrial Average climbed 0.8 percent, while the tech-heavy Nasdaq Composite jumped 1.2 percent and the S&P 500 gained 1 percent, delivering the best day for the US stock market since the United States and Israel launched airstrikes against Iran late last month.
The upbeat mood came as global oil prices retreated, with US President Donald Trump requesting other countries, including South Korea, to help reopen the Strait of Hormuz, a major Middle Eastern oil export route.
Remarks by International Energy Agency Executive Director Fatih Birol that the IEA member countries could release more oil from their emergency stockpiles if necessary also boosted expectations. The IEA had already announced last week the planned release of a combined 40 million barrels by its member countries.
Brent crude oil prices, the international oil benchmark, dropped 2.8 percent to $100.21 per barrel, while the price of US benchmark West Texas Intermediate dipped 5.3 percent to $93.5.
In Seoul, most top-cap shares opened strong.
Market top-cap Samsung Electronics jumped 3.92 percent, and its chipmaking rival SK hynix advanced 2.57 percent.
Auto giant Hyundai Motor surged 6.32 percent, and its sister Kia soared 4.57 percent. Hyundai Motor's auto-parts making affiliate, Hyundai Mobis, also increased 3.87 percent.
Artificial intelligence investment firm SK Square escalated 5.69 percent, and leading battery maker LG Energy Solution added 2.19 percent.
Bio industry leader Samsung Biologics went up 1.79 percent, and Celltrion climbed 2.5 percent.
Internet portal operator Naver gained 2.52 percent.
Major defense firm Hanwha Aerospace was among the few decliners, losing 2.78 percent.
The Korean won was trading at 1,491.8 won against the US dollar at 9:15 a.m., up 5.7 won from the previous session. (Yonhap)
