South Korean stocks soared by nearly 3 percent Friday, as Iran’s discussions with Oman on a protocol to monitor traffic through the Strait of Hormuz boosted hopes of easing oil supply disruptions despite heightened tensions in the Middle East. The Korean won strengthened sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 143.25 points, or 2.74 percent, to 5,377.30, rebounding from sharp losses in the previous session.

Trading volume was moderate at 1.12 billion shares, with a total value of 22.13 trillion won (US$14.69 billion), as gainers outnumbered losers 664 to 224.

Foreign and institutional investors bought a net 814.57 billion won and 716.93 billion won worth of shares, respectively, while individuals sold a net 2.09 trillion won worth of shares.

The rebound followed news that Tehran was drafting a protocol with Oman to monitor maritime traffic through the Strait of Hormuz, raising hope of progress toward reopening the waterway.

The strategic waterway has effectively been shut since the outbreak of war in the Middle East in late February, driving up global oil prices due to supply disruptions.

Dozens of countries are also seeking ways to resume shipments through the Strait of Hormuz after U.S. President Donald Trump warned of an “extremely hard” attack on Iran within the next two to three weeks, while urging countries that rely on the key shipping route for energy imports to “take care of” it themselves.

“Iran has said the measure is intended to ensure safety and improve services, suggesting that the blockade of the waterway may be easing,” Seo Sang-young, a researcher at Mirae Asset Securities, said.

Top-cap shares finished mixed.

Market bellwether Samsung Electronics surged 4.37 percent to 186,200 won, while chip giant SK hynix soared 5.54 percent to 876,000 won.

Defense giant Hanwha Aerospace climbed 2.26 percent to 1,449,000 won, and artificial intelligence investment firm SK Square went up 2.88 percent to 483,000 won. Nuclear power plant builder Doosan Enerbility jumped 3.21 percent to 96,600 won.

Shipbuilders gathered ground. Local industry leader HD Hyundai Heavy spiked 9.23 percent to 479,000 won, and its rival Hanwha Ocean went up 7.29 percent to 128,000 won.

Carmakers finished mixed. Top automaker Hyundai Motor advanced 1.18 percent to 471,000 won, while its affiliate Kia fell 0.27 percent to 150,200 won.

Leading battery maker LG Energy Solution fell 1.48 percent to 398,500 won, and bio giant Samsung Biologics lost 1.96 percent to 1,554,000 won. Leading financial firm KB Financial shed 0.68 percent to 145,500 won.

The local currency was quoted at 1,505.2 won against the U.S. dollar as of 3:30 p.m., up 14.5 won from the previous session.

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