Seoul: Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, while oil prices eased after U.S. President Donald Trump played down the prospect of a prolonged conflict with Iran.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose 87.61 points, or 1.33 percent, to 6,650.33 at the opening bell. This increase came after the main index had plunged 3.99 percent to 6,562.72 in the previous session amid concerns about tensions in the Middle East and the possibility of further U.S. Federal Reserve rate hikes.

Overnight, the Dow Jones Industrial Average experienced a rise of 0.56 percent, while the tech-heavy Nasdaq composite gained 0.45 percent. Trump's statement that renewed U.S. attacks on Iran would likely be short-lived helped ease concerns about inflation, contributing to the positive market outlook.