On Wednesday (11 March, 9:36 AM, GMT+7, Bangkok time), major indices in the Asia Pacific increased as investors continued to monitor the ongoing conflict in the Middle East. Oil prices, which had surged close to $120 per barrel earlier in the week amid concerns over the crisis, retreated as market participants anticipated a coordinated release of emergency crude reserves by several nations to address potential supply disruptions.
The International Energy Agency, for example, is reportedly preparing for its largest-ever coordinated oil reserve release in response to sharp crude price increases following the outbreak of war involving the United States, Israel, and Iran, according to sources cited by the Wall Street Journal. This potential move is aimed at stabilizing energy markets impacted by geopolitical tensions.
Brent crude futures settled down $11.16 in the prior session, closing at $87.80 per barrel, representing an 11% decrease. U.S. West Texas Intermediate (WTI) crude finished the day at $83.45 per barrel, losing $11.32, or 11.9%.
This morning, Brent crude futures edged up 60 cents, or 0.68%, to $88.40 per barrel, and the WTI gained 66 cents, or 0.79%, to $84.11 per barrel.
Meanwhile, the conflict entered its second week with little sign of de-escalation. U.S. President Donald Trump issued a warning to Iran against actions such as mining key maritime routes, following reports that Iran might be preparing to disrupt these strategic energy corridors.
For stocks in Asia, Japan’s NIKKEI surged by 2.36% to 55,526.87. South Korea’s KOSPI advanced by 3.40% to 5,720.67, and Australia’s ASX 200 rose by 0.38% to 8,725.70.
As for stocks in China, Shanghai’s SSEC climbed by 0.03% to 4,124.40. Shenzhen’s SZI expanded by 0.80% to 14,468.79, and Hong Kong’s HSI grew by 0.24% to 26,021.79.
The U.S. stock markets edged down on Tuesday as the Dow Jones Industrial Average (DJIA) slid by 0.07% to 47,706.51. S&P 500 fell by 0.21% to 6,781.48, while NASDAQ gained 0.01% to 22,697.10. VIX dropped by 2.24% to 24.93.
Meanwhile, gold futures declined by 0.57% to $5,212.00 per Troy ounce.
