Asia-Pacific Markets Trade Higher as Investors Weigh Developments in the Middle East
11 March 2026
Today in Brief
Asia-Pacific markets traded higher as investors weighed developments in the Middle East conflict.
Oil pulled back from near $120, IEA proposed a record reserve release, and airline stocks were battered by surging fuel costs.
Asia Markets
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Asia-Pacific markets trade higher as investors weigh developments in the Middle East
Asia-Pacific markets traded higher Wednesday as investors assessed the ongoing Middle East war. Australia's S&P/ASX 200 rose 0.35% in early trade. Japan's Nikkei 225 jumped 1.36%, while the Topix added 1.22%. South Korea's Kospi advanced 3.2%, while the small-cap Kosdaq rose 1.39%. Hong Kong Hang Seng index rose 0.43%, while the CSI 300 added 0.19%. Oil prices, which spiked to nearly $120 a barrel Monday at the height of fear around the Iran conflict, dropped from their height as traders believed a group of countries would tap emergency crude reserves to mitigate disruption caused by the conflict. U.S. crude oil was last up 3.24% at $86.15 per barrel.
U.S. Markets
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S&P 500 ends volatile day slightly lower as Iran conflict keeps traders on edge
The S&P 500 fell slightly on Tuesday in choppy trading as oil prices pulled back and traders kept an eye on the Iran war. The broad market index dropped 0.21% to end at 6,781.48. The Dow Jones Industrial Average dipped 34.29 points, or 0.07%, and closed at 47,706.51. The Nasdaq Composite inched up 0.01% to settle at 22,697.10. The Dow had lost as much as 296.57 points, or 0.6%, earlier in the day. The S&P 500 and Nasdaq were down 0.5% and 0.4%, respectively, at their lows. Oil prices, which spiked to nearly $120 a barrel Monday at height of fear around the Iran conflict, dropped as traders believed a group of countries would tap emergency crude reserves to mitigate disruption caused by the conflict.
Commodities
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Gold rose to around $5,210 per ounce on Wednesday, extending gains from the previous session
Gold rose to around $5,210 per ounce on Wednesday, extending gains from the previous session as the ongoing conflict in the Middle East kept markets on edge. The Pentagon said Tuesday that the US and Israel carried out their most intense attacks yet on Iran and will persist until the Islamic Republic is defeated, striking a more aggressive tone after earlier remarks by President Donald Trump suggested the conflict might end soon. US officials also delivered conflicting messages, adding to market uncertainty, with the White House saying the US had not escorted an oil tanker through the Strait of Hormuz, contradicting a now-deleted social media post by Energy Secretary Chris Wright.
Energy
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WTI crude futures held below $85 per barrel on Wednesday, holding a sharp decline
WTI crude futures held below $85 per barrel on Wednesday, holding a sharp decline from the previous session after reports that the International Energy Agency proposed the largest release of oil reserves in its history, surpassing the 182 million barrels the group released in 2022 when Russia invaded Ukraine. Oil markets remained volatile amid mounting uncertainty surrounding the Iran war and shipping through the vital Strait of Hormuz. After Trump said that the conflict could end soon, US officials indicated that military operations were intensifying and the chances for diplomatic talks remained slim. Energy Secretary Chris Wright also mistakenly posted a message claiming that the US Navy had escorted an oil tanker through the narrow waterway near Iran, before the White House later clarified that no such operation had taken place.
Energy Markets
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Iran sends millions of oil barrels to China through Strait of Hormuz even as war chokes the waterway
Iran has continued to send large amounts of crude oil via the Strait of Hormuz to China even as the war between U.S.-Israel and Iran has jeopardized broader supplies through the critical waterway. Iran has sent at least 11.7 million barrels of crude oil through the Strait of Hormuz since the war began on Feb. 28, all of which were headed to China, Samir Madani, co-founder of TankerTrackers, told CNBC on Tuesday. The firm monitors vessel movements with satellite imagery, allowing it to capture vessels that would otherwise go undetected if their tracking systems are switched off. Many vessels have "gone dark" after Tehran threatened to attack any vessel attempting to pass through the waterway. Shipping intelligence data provider Kpler estimates around 12 million barrels of crude oil to have passed through the strait since the war started.
Geopolitics
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U.S. forces sink 16 Iranian minelayers as reports say Tehran is mining the Strait of Hormuz
American forces on Tuesday sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz, according to the U.S. Central Command, amid reports that Tehran was seeking to mine the waterway critical to global energy supplies. The U.S. announcement followed a post by President Donald Trump that said if Iran had put any mines in the Strait, "we want them removed, IMMEDIATELY!" "If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before. If, on the other hand, they remove what may have been placed, it will be a giant step in the right direction!," Trump said in a Truth Social post. The U.S president later claimed that 10 inactive minelaying ships were sunk, with "more to come."
Economy
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Trump says U.S. will build first refinery in 50 years with investment from India's Reliance Industries
President Donald Trump announced Tuesday that the U.S. will get its first oil refinery in 50 years, funded by investments from Indian billionaire Mukesh Ambani's Reliance Industries. "THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY," Trump said in a post on Truth Social. He thanked India's largest privately held energy company, Reliance Industries, "for this tremendous Investment." Reliance owns the world's largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG data. The new refinery, located at the port of Brownsville in Texas, will "strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD," Trump said.
Geopolitics
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Trump reiterates threat of a 'friendly takeover' of Cuba as fuel crisis deepens
U.S. President Donald Trump renewed his threat of a "friendly takeover" of Cuba, saying the communist-run Caribbean island is in "deep trouble." His latest comments come less than a week after he suggested that his administration would turn its sights on Havana after U.S. military operations in Iran ended. Trump administration has sought to ratchet up the pressure on Cuba since the Jan. 3 military operation to depose Venezuelan President Nicolás Maduro, a long-time ally of Cuba's government. The U.S. has effectively cut Havana off from Venezuelan oil, called its government "an unusual and extraordinary threat," and pledged to impose tariffs on any country that supplies it with oil.
Technology
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Oracle sees AI boom through at least 2027, sending shares up 11%
Oracle on Tuesday predicted that the AI data center boom will power its revenue above Wall Street estimates well into 2027, sending its shares up 11% in extended trading. The results help to allay investor concerns that Oracle's costly multi-billion dollar push into AI computing would not generate profits quickly enough. Oracle has made a dramatic turn toward building data centers for partners such as OpenAI and Meta, while at the same time enacting layoffs as it uses smaller engineering teams and AI coding tools to roll out new software for its longtime customer base of large businesses. The company also raised its revenue forecast for fiscal 2027 to $90 billion, above analysts' estimates of $86.6 billion, according to LSEG-compiled data.
Technology
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Applied Materials forges partnerships with Micron and SK Hynix for AI memory chips
Applied Materials said on Tuesday it has partnered with memory chip companies Micron Technology and SK Hynix to develop next-generation chips that are crucial for artificial intelligence and high-performance computing. Micron and SK Hynix will serve as founding partners at Applied Materials' research center to develop the chips, called Equipment and Process Innovation and Commercialization, or EPIC, Center. Applied Materials said its EPIC Center represents a planned $5 billion investment in semiconductor equipment research and development, with capital spending anticipated to scale over time to that amount as customer projects begin. The announcements come as rapid build-out of AI infrastructure by U.S. tech firms such as OpenAI, Alphabet's Google and Microsoft drives demand for memory chips, tightening supply and pushing up prices.
Technology
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TSMC shares rise as Feb sales jump on strong chip demand
Shares of Taiwan Semiconductor Manufacturing Co (TSMC) (TW:2330) rose in Taipei trading after the world's largest contract chipmaker reported stronger February sales on sustained demand for advanced chips used in AI computing. The company said February revenue reached NT$317.66 billion ($10.02 billion), up 22.2% from a year earlier, although it declined 20.8% from January due largely to seasonal effects around the Lunar New Year. Taipei-listed shares of the company climbed over 5% to NT$1,950. For the first two months of 2026, revenue totalled NT$718.91 billion, a 29.9% increase year-on-year, reflecting robust demand from technology companies building AI infrastructure and next-generation computing systems.
Corporate
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Airline shares battered, airfares surge as Iran war pushes oil above $100
Airline stocks were hammered on Monday, while airfares soared as the U.S.-Israeli war on Iran sent oil prices surging, sparking fears of a deep travel slump and the potential for the widespread grounding of planes. Oil prices jumped 15% to above $105 a barrel, hitting levels not seen since 2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market. At one point, Brent crude futures jumped as much as 29%. Some jet fuel prices have doubled since the start of the conflict, piling pressure on carriers already navigating tight airspace as pilots reroute to avoid the Middle East conflict and thousands of stranded passengers try to leave the region. "Absent near-term relief, airlines around the world could be forced to ground thousands of aircraft while some of the industry's financially weakest carriers could halt operations," Deutsche analysts said in a note to clients.
