Asia-Pacific Markets Fall as Iran War Continues to Fuel Oil Volatility
12 March 2026
Today in Brief
Asia-Pacific markets fell as the Iran war continued to fuel oil volatility despite a record IEA reserve release.
Stocks slid, gold dropped, and oil climbed as supply disruptions and ceasefire conditions deepened uncertainty.
Asia Markets
Story 01
Asia-Pacific markets fall as Iran war continues to fuel oil volatility
Asia-Pacific markets fell 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.
U.S. Markets
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Dow closes down nearly 300 points as oil prices climb on Iran war
The Dow Jones Industrial Average fell on Wednesday 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. Brent crude gained about 4.8% to end the session at $91.98 per barrel. That's even after the International Energy Agency said it's going to release 400 million barrels of oil — the largest-ever release from its reserves — to target the disruption in supply triggered by the war.
Commodities
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Gold fell below $5,150 per ounce on Thursday, sliding for the second straight session as surging oil prices
Gold fell below $5,150 per ounce on Thursday, sliding for the second straight session as surging oil prices heightened inflationary risks and reduced the likelihood of central bank interest rate cuts. Oil prices climbed for a second day as the prospect of a protracted Iran war overshadowed a coordinated release of oil reserves by major economies. Markets also viewed the emergency oil release as insufficient even after the IEA agreed to its largest-ever release of 400 million barrels of oil. Gold came under pressure as well from a rallying dollar and surging Treasury yields as forward-looking inflation concerns dimmed prospects for a Fed easing, with forecasts currently pointing to only one rate reduction later this year.
Energy
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WTI crude futures jumped toward $95 per barrel on Thursday, rising for a second straight session
WTI crude futures jumped toward $95 per barrel on Thursday, rising for a second straight session as persistent concerns over the Iran war overshadowed a coordinated release of oil reserves by major economies. In the latest developments, Iraq halted operations at its oil terminals after two oil tankers were targeted in Iraqi waters, underscoring heightened supply risks in the Middle East. Iran also told intermediaries that the US must guarantee that neither it nor Israel will strike the country in the future for a ceasefire to be considered, which Washington is unlikely to accept. Additionally, the crucial Strait of Hormuz also remains effectively shut, with several commercial vessels reportedly struck off the coast of Iran.
Economy
Story 05
Trump administration launches Section 301 trade probes into Mexico, China, EU, others
The Trump administration on Wednesday announced new trade investigations of China, Mexico, the European Union and more than a dozen other economies, with the goal of replacing President Donald Trump's reciprocal tariffs, which were recently ruled illegal by the Supreme Court. The probes, which will likely expand to more nations, will be conducted under Section 301 of the Trade Act of 1974, U.S. Trade Representative Jamieson Greer told reporters during a call. That law permits the U.S. to impose tariffs on imported goods from other nations found to have engaged in unfair trade practices. Section 301 tariffs could replace at least some of the reciprocal tariffs on most of the world's nations that Trump imposed on them last year without congressional authorization.
Energy Markets
Story 06
Trump will release 172 million barrels of oil from Strategic Petroleum Reserve
The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs during the Iran war, Energy Secretary Chris Wright said Wednesday evening. The U.S. will start releasing barrels next week but it will take about 120 days to deliver them all, Wright said. President Donald Trump said earlier that he would tap the reserve to keep a lid on energy prices. "We'll do that, and then we'll fill it up," Trump said in an interview with Cincinnati broadcaster WKRC. "I filled it up once, and I'll fill it up again, but right now, we'll reduce it a little bit, and that brings the prices down," the president said. Gasoline prices in the U.S. have risen to about $3.58 per gallon on average as the Iran war has triggered a massive disruption of global oil supplies, according to motorist group AAA. The current retail price is nearly 22% higher than the same period last month when gas cost about $2.94.
Politics
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Investor ban on buying homes stalls housing affordability bill
A major housing affordability bill poised to clear the Senate as soon as Thursday will hit a wall in the House, in part over concerns about a ban on major investors from buying single-family homes. During a meeting at the House Republican retreat this week attended by the party's leaders and committee chairs, Majority Leader Steve Scalise, R-La., predicted the housing measure is likely to bog down due to differences between the House and Senate versions. He said that if the Senate doesn't address wide-ranging concerns from House members and House Financial Services Chair French Hill, R-Ark., the bill is likely to require discussions between the House and Senate before it could become law.
Finance
Story 08
Tim Scott hopes Fed Chair Powell investigation 'goes away' to clear Kevin Warsh confirmation
Sen. Tim Scott on Wednesday said he hopes the federal investigation into Federal Reserve Chair Jerome Powell "goes away" so the Senate can take up the nomination of Kevin Warsh, President Donald Trump's pick to replace the head of the U.S. central bank. "That proceeding going away allows for us to get the Fed fully functioning, back on target," Scott, who chairs the Senate Banking, Housing and Urban Affairs Committee, said during an appearance on CNBC's "Squawk Box." Sen. Thom Tillis, R-N.C., has vowed to hold up any Fed nominees until a federal criminal investigation into Powell is resolved. Trump floated the idea of firing Powell last year and lashed out at the Fed chair for refusing to cut interest rates to the extent he desired. Powell has denied any wrongdoing and has said he is being targeted for refusing to accede to Trump's demands.
Energy Markets
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Chubb set as main U.S. insurer for Persian Gulf shipping amid Iran war
Insurance giant Chubb will be the lead underwriter for a U.S. government-led program to provide insurance to ships making the risky transit through the Strait of Hormuz. Chubb will work with the U.S. International Development Finance Corporation, or DFC, as part of a $20 billion plan to help get oil tankers and other commercial traffic moving again amid risks from the Iran war, the agency said. Oil prices have spiked since the war began at the end of February. Brent crude traded above $91 a barrel midmorning Wednesday. Oil prices have stayed relatively high despite an announcement Wednesday that the International Energy Agency would coordinate the release of 400 million barrels from its member countries' strategic petroleum reserves.
Technology
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Qatari-backed Irth Capital offers $47 a share to buy Papa John's, sources say
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.
Corporate
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Maersk redistributes vessel fuel to ensure supplies, as Iran war disrupts flows
Container shipping group Maersk said on Wednesday it is redistributing fuel to ensure supplies for its vessels as the Iran war disrupts the flow and storage of maritime fuel in the Middle East. The Danish carrier, one of the world's biggest container shipping groups, has 10 ships stranded in the Gulf. U.S. and Israeli attacks on Iran have fuelled hostilities that threaten one-fifth of the world's oil, which sails out of the region via the Strait of Hormuz - the globe's most important energy chokepoint. "We are proactively redistributing fuel to ensure vessels can continue to bunker where needed and keep our ocean network running without interruptions," a Maersk spokesperson said. Bunkering is the maritime industry's term for refuelling. While much of the world's attention has been focused on the risk of attacks on oil tankers, some of the roughly 100 container ships stuck in the Gulf also have come under assault.
Corporate
Story 12
Tesla stock rises on strong China sales growth in February
Tesla shares rose 1.4% to $405.09 on Wednesday after the electric vehicle maker reported a sharp increase in China sales for February. The company sold 58,600 units of its Model 3 and Model Y vehicles from its Shanghai plant in February, up 91% from a year earlier, Tesla China said Wednesday. The February sales figure includes exports to Europe and other markets. The strong February performance follows a 9.3% year-on-year sales increase in January. Tesla is on track for three straight sessions of gains. China represents Tesla's second-biggest market after the United States. The Shanghai plant produces Model 3 sedans and Model Y sport utility vehicles for both domestic sales and international export. The February sales jump marks a significant acceleration from the single-digit growth rate recorded in the previous month.
Technology
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Uber announces Japan robotaxi tieup with Wayve, Nissan
Uber Technologies Inc said on Wednesday it was planning to begin robotaxi services in Japan by late-2026 through a new partnership with British autonomous driving firm Wayve and Japanese automaker Nissan. Wayve will serve as the artificial intelligence partner, while Nissan will cover the automaking aspect of the partnership, the companies said in a press release. They will aim for a pilot deployment in Tokyo by late-2026, using Nissan's LEAF electric vehicle with Wayve autonomous technology. The vehicles will operate on the Uber network and will have a safety operator in the car, the companies said. Uber said it will launch the service through a licensed taxi partner in Japan and will work with local authorities. The deal is part of Uber's collaboration with Wayve to roll out global taxis across ten major cities.
Finance
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Bank of Singapore turns neutral on Asia-ex Japan stocks amid Iran war risks
Bank of Singapore said on Thursday it was downgrading its position on Asian equities excluding Japan to Neutral from Overweight, citing increased energy risks from the U.S.-Israel war with Iran. The brokerage said the shift came chiefly amid growing risks from disruptions in oil transit through the Strait of Hormuz and increased energy infrastructure damage in the Middle East. "Uncertainties around our baseline forecast for oil price have increased, translating to fatter left tail risks for risk asset prices," Bank of Singapore analysts wrote in a note. Within Asia ex-Japan, the brokerage said it preferred Hong Kong, China, and Singapore, while downgrading Malaysia to Neutral and Philippines and Indonesia to Underweight. They noted that the Asia ex-Japan region was more dependent on oil imports versus the U.S. and Europe, leaving growth and corporate profits more sensitive to oil prices.
