Pump jacks operate in a field on March 11, 2026 in Gillett, Texas.
Brandon Bell | fake images
Asia-Pacific markets were headed lower on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the United States and its allies announced an unprecedented emergency release of crude stockpiles to calm energy markets.
The International Energy Agency aims to release 400 million barrels of oil following supply disruptions due to the Iran war, the largest such action in the organization’s history. The IEA did not set a timeline for when the shares would hit the market.
The United States will release 172 million barrels of oil from the Strategic Petroleum Reserve to help reduce energy costs, Energy Secretary Chris Wright said late Wednesday in the United States.
The announcement comes after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to rein in energy prices.
West Texas Intermediate rose 5.2% to $91.8 per barrel at 7:20 p.m. ET.
Australia S&P/ASX 200 declined 1.2% in early Asia trade.
Japan Nikkei 225 was poised to fall, with the Chicago contract at 53,870 and the Osaka futures contract at 54,650, versus the index’s previous close at 55,025.37.
Hong Kong Hang Seng Index Futures were at 25,756, compared to the index’s last close of 25,898.76.
Overnight in the United States, the Dow Jones Industrial Average fell as investors continued to monitor developments in the US-Iran war and oil prices.
The 30-share index lost 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 fell 0.08% to settle at 6,775.80, while the Nasdaq Composite rose 0.08% to end the session at 22,716.13.
West Texas Intermediate futures rose more than 4% to settle at $87.25 a barrel on Wednesday. Brent crude oil gained about 4.8% to end the session at $91.98 per barrel.
