Seoul: South Korea's currency dropped to its weakest level in 17 years as global oil prices surged amid heightened tensions in the Middle East, local media reported.

According to Anadolu Agency, the won opened at 1,501 per dollar, down 7.3 won from the previous session, and breached the 1,500-won mark for the first time in intraday trading since March 12, 2009, when the country was reeling from the global financial crisis. It later trimmed its losses and was fluctuating in the mid-1,490 won range.

The drop came as global oil prices surged again overnight. US President Donald Trump suggested the war with Iran could last several more weeks and called on the international community to help reopen the Strait of Hormuz to oil tankers. The conflict, which has entered its third week, is causing serious disruptions to global oil supplies as the Strait of Hormuz, a key waterway controlled by Iran, has been effectively shut since the start of the US-Israeli offensive on Iran on February 28.

Hostilities have escalated since then, resulting in around 1,300 fatalities, including then-Supreme Leader Ayatollah Ali Khamenei. Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.