Kospi opens lower amid escalating Middle East tensions, rising oil prices

Stocks opened lower Thursday, tracking Wall Street losses, as surging oil prices caused by intensifying tensions in the Middle East fueled inflation concerns ahead of key U.S. inflation data.

The Kospi fell 12.79 points, or 0.18 percent, to 7,038.85 at the opening bell.

Overnight, U.S. stocks ended lower amid escalating tensions in the Middle East and rising oil prices. The Dow Jones Industrial Average fell 0.77 percent, while the tech-heavy Nasdaq Composite declined 0.64 percent.

Rising oil prices are fueling concerns about inflation and the possibility of the U.S. Federal Reserve raising interest rates to contain price gains.

Yonhap