S. Korean won weakens on further Middle East oil supply risk

The South Korean won weakened against the U.S. dollar Wednesday, hit by further risk of oil supply disruptions caused by Iran-backed Houthi militants threatening to attack ships in the Red Sea. The won was quoted at 1,480.1 won per dollar at 3:30 p.m., down 6.7 won from the previous session. Renewed tension in the Middle East affected the won exchange rate amid escalating military strikes between the U.S. and Iran. The Houthi militia earlier announced a blockade on Saudi Arabia, deepening fears