Seoul: South Korean stocks started sharply higher Wednesday amid hopes for an end to the monthlong war in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) opened at 5,330.04, up 277.58 points, or 5.49 percent, from the previous session.

According to Yonhap News Agency, the surge came as U.S. President Donald Trump stated on Tuesday (U.S. time) that the United States could end its military operation against Iran within "two or three weeks," mentioning, "All I have to do is leave Iran." The conflict, initiated in late February following U.S.-Israeli strikes on Iran, has influenced global oil prices due to supply disruptions, affecting financial markets worldwide and raising concerns about inflation and a potential economic slowdown.

The anticipation of peace was mirrored in U.S. markets as well. The Dow Jones Industrial Average rallied 2.49 percent, the Nasdaq composite increased by 3.83 percent, and the S and P 500 surged 2.91 percent, reflecting investor optimism over the latest developments in the Middle East conflict.