The South Korean won-dollar exchange rate reached 1,373.5 won per dollar at 9 a.m. on September 2, up 3.1 won, or 0.22%, from the previous trading day’s close. Forecasts indicated the rate could exceed 1,380 won during the day. The move came as U.S. Treasury yields and international oil prices rose following mutual airstrikes between the United States and Iran. The United States carried out additional strikes two days after the initial attack, citing retaliation for the Islamic Revolutionary Guard Corps (IRGC), an Iranian military organization, attacking civilian ships and U.S. troops in the Strait of Hormuz. Iran has vowed strong countermeasures. The U.S. 10-year Treasury yield reached 4.798% during trading on September 1, local time, its highest level since January of last year, while the 30-year yield climbed to 5.272%, its highest since 2007. Brent crude rose 4.6% to $94.65 a barrel and West Texas Intermediate (WTI) increased 5.2% to $90.22. The dollar also strengthened amid expectations that the Federal Reserve (Fed) could raise interest rates. Markets assessed that possibility after Fed governor Kevin Warsh said, "There is work to be done" if inflation does not quickly approach its target. Asian currencies, including the won, generally weaken when U.S. interest rates rise.