A pump jack operates at a jobsite on March 11, 2026 in Gillette, Texas.
Brandon Bell | Getty Images
Asia-Pacific markets fell on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even as the United States and its allies announced an unprecedented emergency release of crude oil reserves aimed at calming energy markets.
The International Energy Agency is aiming to release 400 million barrels of oil after supply disruptions caused by the Iran war, the largest such move in the agency’s history. The IEA did not say when the shares would be introduced to the market.
Energy Secretary Chris Wright announced Wednesday evening that the United States will release 172 million barrels of oil from the Strategic Petroleum Reserve in an effort to reduce energy costs.
The announcement came after President Donald Trump said earlier in the day that he would use the Strategic Petroleum Reserve to keep energy prices in check.
U.S. West Texas Intermediate futures rose 6.76% to $93.1 a barrel, while global benchmark Brent crude oil was trading around 6.99% higher at $98.4 a barrel, even after the International Energy Agency announced the emergency release of the largest oil reserves in history.
Brent futures prices have so far exceeded $100 per barrel.
australian S&P/ASX 200 It fell 1.31% to 8,629, led by academic and education services stocks.
Japanese Nikkei Stock Average The index fell 1.04% to close at 54,452.96, weighed down by real estate stocks, while TOPIX fell 1.32% to close at 3,649.85.
Korean Kospi The stock pared losses to close 0.48% lower at 5,583.25, while the small-cap Kosdaq bucked the trend and rose 1.02% to 1,148.4.
hong kong Hang Seng Index fell 0.91%, and CSI300 fell 0.37%.
The Dow Jones Industrial Average fell overnight in the US as investors continued to focus on the US-Iran war and developments in oil prices.
The 30-stock index closed at 47,417.27, down 289.24 points (0.61%). The S&P 500 Index fell 0.08% to settle at 6,775.80, while the Nasdaq Composite Index rose 0.08% to close at 22,716.13.
West Texas Intermediate futures rose more than 4% on Wednesday to settle at $87.25 a barrel. Brent crude rose about 4.8% to close at $91.98 per barrel.
