Asia-Pacific markets set to fall as Iran war continues to fuel oil volatility

NoodlesOrTokens · 2026-03-12T00:17:12+00:00

Asia-Pacific markets are expected to decline amid volatile oil prices and rising Middle East tensions. The IEA plans to release 400 million barrels due to supply disruptions from the Iran war, while the U.S. will release 172 million barrels to lower costs.

NoodlesOrTokens

2026-03-12 00:17:12

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Asia-Pacific markets were set to fall Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.

The International Energy Agency is looking to release 400 million barrels of oil following the supply disruption owed to the Iran war, the largest such action in the organization’s history. The IEA did not set out a timeline for when the stocks would hit the market.

The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy Secretary Chris Wright said Wednesday evening stateside.

The announcement comes after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

The West Texas Intermediate was up 5.2% at $91.8 per barrel as of 7.20 p.m. ET.

Australia’s S&P/ASX 200 declined 1.2% in early Asia trade.

Japan’s Nikkei 225 was poised to fall, with the Chicago contract at 53,870 and the futures contract in Osaka at 54,650, compared to the index’s previous close of 55,025.37

Hong Kong Hang Seng index futures were at 25,756, compared with the index’s last close of 25,898.76.

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Overnight in the U.S., the Dow Jones Industrial Average fell as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

West Texas Intermediate futures climbed more than 4% to settle at $87.25 per barrel on Wednesday. Brent crude gained about 4.8% to end the session at $91.98 per barrel.

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