Seoul: Seoul stocks dipped by more than 1 percent Thursday to snap their gains of three consecutive days, after touching a fresh all-time high, as investors cashed in gains amid a sharp rise in international oil prices. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 92.03 points, or 1.38 percent, to end at 6,598.87, after rising as high as 6,750.27.

According to Yonhap News Agency, the index opened higher after South Korean tech giant Samsung Electronics posted record quarterly earnings in the first three months of this year, and four U.S. tech giants -- Alphabet, Amazon.com, Meta Platforms and Microsoft -- reported stronger-than-expected first quarter earnings, fueling hopes the artificial intelligence (AI) sector will continue its boom. But the KOSPI turned lower on profit-taking and lingering concerns over the persisting conflict in the Middle East.

Brent crude, an international oil benchmark, spiked 6.1 percent to US$118.03 per barrel, and the West Texas Intermediate (WTI) price also jumped 6.95 percent to $106.88 per barrel, after U.S. President Donald Trump said he will not lift a naval blockade of Iran until a nuclear deal is secured with Tehran. Overnight, major U.S. indexes closed mixed, with the Dow Jones Industrial Average down 0.57 percent and the S and P 500 losing 0.04 percent, while the tech-heavy Nasdaq composite rose 0.04 percent.