Friday Mar 13, 2026
Friday Mar 13, 2026
Friday, 13 March 2026 00:00 - - {{hitsCtrl.values.hits}}
Oil prices yesterday surged past $ 100 a barrel, even after countries agreed to release a record volume of emergency reserves in an attempt to calm energy markets shaken by the escalating Middle East conflict.
Brent crude jumped sharply in Asian trading, briefly rising more than 9% to move above the $ 100 threshold before moderating later in the session.
The rally came despite a coordinated move by members of the International Energy Agency (IEA) to release around 400 million barrels from strategic petroleum reserves, the largest emergency supply intervention ever undertaken.
The decision was aimed at cushioning supply disruptions linked to the conflict involving the US, Israel and Iran, which has heightened fears of interruptions to shipments through the Strait of Hormuz.
Oil prices have already climbed more than 25% since the conflict began, underscoring fears that the situation could evolve into a broader energy supply shock.
Asian equity markets weakened after oil prices moved above the $ 100 mark, as investors assessed the potential impact of higher energy costs on inflation and economic growth.
Japan’s Nikkei index fell about 1.6% in early trading, reflecting broad-based selling as investors reacted to the surge in crude prices.
Hong Kong’s Hang Seng index also declined, with technology stocks among the main laggards as risk appetite weakened.
South Korea’s KOSPI index slipped amid concerns that higher oil prices could raise production and export costs for manufacturers.
Australian markets also retreated, with roughly $ 40 billion wiped off market capitalisation in a single session. The S&P/ASX 200 index fell more than 1.3% as investors priced in the possibility of higher inflation and potential interest rate pressures linked to rising energy import costs.
The sell-off spread across several sectors as investors reduced exposure to risk assets, while energy companies were among the few counters to record gains as crude prices climbed.
