# Soaring oil prices, weakening won weigh on Korea's economy - The Korea Times

> Benchmark crude prices, including Dubai, Brent and WTI, rose above $90 per barrel to seven-year highs, and analysts expected $100 oil soon. The won was also hovering near 1,200 per dollar, and both trends were seen weighing on the Korean economy.

- Date: 2022-02-07 · published 2022-02-07T12:00:00.000Z
- Category: macro · region South Korea · magnitude medium
- Page: https://feedsoft.ai/events/42957-soaring-oil-prices-weakening-won-weigh-on-korea-s-economy-the-korea-times
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Korean Won (KRW per USD)](https://feedsoft.ai/c/USDKRW.md)

## Why it matters

Higher crude and a weaker won raise import prices, trade deficits and inflation in Korea, and they also lift energy and freight costs that flow into feed prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDKRW: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-08 | [Specter of stagflation looms due to soaring oil prices, weakening won - The Korea Times](https://feedsoft.ai/events/42506-specter-of-stagflation-looms-due-to-soaring-oil-prices-weakening-won-the-korea.md) | -13.5% | -13.4% |
| WTI | 2023-08-25 | [Oil futures up 1% to one-week high on soaring US diesel prices](https://feedsoft.ai/events/34772-oil-futures-up-1-to-one-week-high-on-soaring-us-diesel-prices.md) | +5.3% | +13.4% |
| WTI | 2022-06-03 | [Canadian dollar dips but posts 3rd weekly gain on soaring oil prices - The Globe and Mail](https://feedsoft.ai/events/41187-canadian-dollar-dips-but-posts-3rd-weekly-gain-on-soaring-oil-prices-the-globe.md) | +4.0% | -6.2% |
| WTI | 2017-07-27 | [The U.S. dollar drop could send gold prices soaring](https://feedsoft.ai/events/69899-the-u-s-dollar-drop-could-send-gold-prices-soaring.md) | +2.0% | -0.4% |
| WTI | 2026-10-01 | [Rand weakens to three month low as stronger dollar and oil price weigh on South Africa](https://feedsoft.ai/events/17339-rand-weakens-to-three-month-low-as-stronger-dollar-and-oil-price-weigh-on-south.md) | -2.3% | +12.3% |
| BRENT | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | -0.3% | +3.5% |
| BRENT | 2026-04-30 | [South Korean Won Weakens to 1,480s as Oil Surges and Fed Turns More Hawkish \| Aju Press](https://feedsoft.ai/events/19955-south-korean-won-weakens-to-1-480s-as-oil-surges-and-fed-turns-more-hawkish-aju.md) | -15.3% | -21.9% |
| BRENT | 2017-01-09 | [Oil Prices: What to Make of the Volatility](https://feedsoft.ai/events/73142-oil-prices-what-to-make-of-the-volatility.md) | -2.8% | -0.2% |

## Sources

- koreatimes.co.kr: https://www.koreatimes.co.kr/economy/20220207/soaring-oil-prices-weakening-won-weigh-on-koreas-economy

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.