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Asia-Pacific markets were set to fall 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.
The announcement comes after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.
