As tensions between the U.S. and Iran escalate and the situation in the Strait of Hormuz remains strained, market risk appetite has weakened, leading to a decline in the South Korean won. The USD/KRW pair rose by as much as 1.5% to 1,481.75, marking its largest increase since March. The U.S. dollar spot index climbed 0.2%. Brent crude futures surged by up to 7.9%, erasing most of the losses from the previous Friday.