Seoul: South Korean stocks started higher Wednesday as investors continued to hunt for bargains despite volatility in global oil prices in the wake of the Middle East crisis. The benchmark Korea Composite Stock Price Index (KOSPI) rose 126.13 points, or 2.28 percent, to 5,658.72 at the opening bell. The index rebounded 5.35 percent Tuesday.

According to Yonhap News Agency, U.S. President Donald Trump said in a social media post that Iran will face "military consequences" at a level "never seen before" if it has laid any mines in the Strait of Hormuz. In another post, Trump claimed the U.S. had "completely destroyed" 10 inactive mine-laying ships, with "more to follow."

Located south of Iran, the key waterway accounts for roughly 20 percent of global oil and gas shipments. This strategic location's instability has contributed to the fluctuations in oil prices, influencing global markets, including South Korean stocks. Investors are keenly observing the situation as it unfolds, considering its potential impact on the global economy.