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On March 11, 2026, pump jacks were seen operating in Gillett, Texas.
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Asian-Pacific markets experienced a downturn on Thursday as investors contended with fluctuating oil prices and rising tensions in the Middle East. This occurred despite a historic move by the U.S. and its allies to release emergency crude reserves in an effort to stabilize energy markets.
In response to supply disruptions caused by conflict in Iran, the International Energy Agency (IEA) plans to release 400 million barrels of oil, marking the largest initiative of its kind in the agency’s history. However, the IEA has yet to announce when these stocks will be made available.
In a move to mitigate energy costs, U.S. Energy Secretary Chris Wright announced on Wednesday evening that the country will release 172 million barrels from the Strategic Petroleum Reserve.
This decision followed President Donald Trump’s earlier statement that he would utilize the Strategic Petroleum Reserve to help manage energy prices.
U.S. West Texas Intermediate futures jumped 3.82% to $90.55 per barrel, while global benchmark Brent was trading around 4.19% higher at $95.8, even after the International Energy Agency announced its largest emergency release of crude reserves in history.
Brent futures earlier touched over $100 a barrel, before cutting gains.
Australia’s S&P/ASX 200 declined 1.31% to 8,629, dragged by academic and educational services stocks.
Japan’s Nikkei 225 slid 1.04% to close at 54,452.96, weighed down by real estate stocks, while the Topix lost 1.32% to end at 3,649.85.
South Korea’s Kospi pared losses to end the session 0.48% down at 5,583.25, while the small-cap Kosdaq bucked the trend and gained 1.02% to 1,148.4.
Hong Kong’s Hang Seng index fell 0.33% in its final hour of trade, while the CSI 300 was down 0.36% to end the day at 4,687.56.
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.
