Oil retreats from $119 peak as Iran conflict rattles markets

Saturday, 21 March 2026 00:00 - - {{hitsCtrl.values.hits}}

Oil prices eased on Friday after sharp gains driven by the escalating Iran conflict, while Asian equities traded mostly lower following overnight losses on Wall Street.

Brent crude, the global benchmark, fell 0.4% to $ 108.19 a barrel in early trade, retreating from a spike to around $ 119 the previous day as tensions intensified after Iranian strikes on Gulf energy infrastructure. US crude declined 1.2% to $ 94.40 a barrel.

Equity markets across Asia remained cautious. Hong Kong’s Hang Seng Index fell 1% to 25,253.78, while China’s Shanghai Composite declined 1.2% to 3,957.05. Australia’s S&P/ASX 200 dropped 0.8% to 8,428.40, and Taiwan’s Taiex was down 0.4%.

South Korea’s Kospi edged up 0.3% to 5,781.20, while India’s Sensex gained 1%. Japan’s Nikkei 225 remained closed for a public holiday.

On Wall Street, U.S. equities closed lower on Thursday, with the S&P 500 slipping 0.3% to 6,606.49, the Dow Jones Industrial Average declining 0.4% to 46,021.43, and the Nasdaq Composite falling 0.3% to 22,090.69.

In commodity markets, precious metals moved higher. Gold rose 1.8% to $ 4,688.50 per ounce, while silver gained 1.3% to $ 72.11 an ounce.

In currency trading, the U.S. dollar strengthened to 158.37 Japanese yen from 157.76 yen, while the euro weakened to $ 1.1570 from $ 1.1589.