Asia markets moderate losses after reported Saudi oil release slightly ease prices

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https://www.cnbc.com/2026/03/09/nikkei-225-hang-seng-index-kospi-crude-wti-brent-oil-futures-iran-war-gulf-hormuz.html

Asia-Pacific markets moderated losses following a rout Monday, after Saudi Arabia reportedly offered crude on the market, easing oil prices. The kingdom had offered roughly 4.6 million barrels via a pipeline to Yanbu on the Red Sea, Bloomberg reported.

Oil prices dipped after the news, with Brent futures trading up 16.13% at $107.71 per barrel and U.S. West Texas Intermediate crude futures at 13.74% higher at 103.47.

Both benchmarks were nearly at $120 per barrel earlier. The surge comes after major Middle Eastern oil producers, including Kuwait, Iran and the United Arab Emirates, cut oil production following the closure of the Strait of Hormuz.

South Korea’s Kospi triggered its second circuit breaker in four sessions on Monday, leading a broader regional sell-off as oil prices neared $120 per barrel for the first time since 2022.
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[nitpicked]

1. I expect another rollercoaster day on Wall Street

https://www.cnbc.com/2026/03/08/stock-market-today-live-updates.html

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Futures tied to the Dow fell 768 points, or 1.62%, by 3:23 a.m. ET, paring earlier losses which saw them down over 1,000 points. S&P 500 futures lost 1.52% and Nasdaq 100 futures dropped 1.55%.

West Texas Intermediate crude jumped 13% to $102.68 per barrel, having earlier been as high as $113, its first time above the $100 level since 2022, when investors were reacting to the aftermath of Russia’s invasion of Ukraine. International benchmark Brent crude added almost 16% to reach more than $107 a barrel. U.S. oil prices began the year below $60 a barrel.

Oil futures jumped on Sunday night after major Middle East producers slashed their output due to the continued closure of the key Strait of Hormuz passageway. Kuwait announced cuts but did not say by how much, while Iraq has reportedly seen its production fall 70%.

The $100 oil level was seen by many on Wall Street as a breaking point for the economy unless the war is resolved quickly and prices retreat.
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