The KOSPI edged lower Friday amid rising oil prices as renewed geopolitical tensions in the Middle East fueled concerns over inflation. The benchmark index opened 3.29 percent lower at 6,802.50 and pared some of its losses in afternoon trading before closing at 6,909.91, down 1.76 percent from the previous session. Foreign investors sold a net 2.29 trillion won ($1.70 billion) worth of shares, while institutional investors sold a net 1.22 trillion won. Retail investors were the net buyers, purchasing 1.87 trillion won worth of shares. Market bellwethers also fell. SK hynix fell 2.21 percent to close at 1.812 million won, while Samsung Electronics lost 3.35 percent to finish at 259,500 won. With little prospect of negotiations between Iran and the United States resuming in the near term, international oil prices continued to rise. West Texas Intermediate and Brent crude futures climbed above $100 per barrel, adding to concerns over inflation. Concerns over inflation were also heightened after the U.S. producer price index rose 5.4 percent in August from a year earlier, Thursday (local time