Market UpdatesMar 12, 20263 Min

Global Market Wrap: Asian Stocks Fall As Oil Hits $100, US To Release 172 Million Barrels

Asia-Pacific markets fell on Thursday, March 12, as investors responded to fluctuating oil prices and rising tensions in the Middle East. The US and its allies announced an emergency release of crude reserves, with the International Energy Agency (IEA) looking to release 400 million barrels of oil following supply disruptions linked to the Iran war.

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Shares in Asia fell broadly on March 12 as oil prices rose above $100 a barrel following reports of attacks on ships in Gulf waters and the closure of oil terminals. Brent crude futures reached $100.22 per barrel, extending an overnight gain of more than 4%, while West Texas Intermediate rose 8.8% to $95 per barrel.

The MSCI Asia-Pacific index outside Japan dropped over 1.6%, with Japan’s Nikkei down 1.5% to 53,796. Hong Kong’s Hang Seng index fell nearly 1% to 25,600. Meanwhile, in the US, both the S&P 500 & Nasdaq ended the 11th March session flat at 6,747.6 and 22,877. DAX futures fell 1.3% to 23,533.

As part of the IEA’s plan to release 400 million barrels of oil from reserves, the US said it would release 172 million barrels starting next week. US Energy Secretary Chris Wright said the delivery would take about 120 days.

Meanwhile, Gold prices fell on March 12, pressured by a stronger US dollar. Spot gold was down 0.2% at $5,165 per ounce in the first half, while April US gold futures fell 0.4% to $5,156. The dollar rose 0.3%, increasing the cost of bullion for holders of other currencies.

Here’s a look at some of the important developments across the global markets:

Asian Banks Pause Gulf Lending Amid Middle East War

Asian banks are pausing or scaling back lending in the Gulf as the war in Iran increases risks for the region. Private discussions at this week’s Asia Pacific Loan Market Association (APLMA) meeting in Hong Kong showed a sharp shift in sentiment. Earlier this year, the focus at APLMA’s Dubai conference was on expanding financing links between Asia and the Middle East, with loan commitments reaching record levels in 2025.

Now, bankers are reassessing ambitions in the Gulf and weighing risks triggered by the war. Global lenders, including HSBC and Standard Chartered, have reportedly told some Middle East clients that transactions involving Asian balance sheets may be put on hold. Banks from Japan, Greater China and Singapore are reviewing their pipelines and considering shifting focus to other markets such as South Korea and Australia.

US consumer prices rise moderately in February amid steady rent gains

US consumer prices rose moderately in February, as rents stayed steady and gasoline and grocery costs increased. More price pressure is reportedly expected from the Middle East war.

The Labor Department’s Consumer Price Index report on March 11, which showed underlying inflation remained muted, covered the period before the US and Israel launched strikes against Iran.

Gasoline prices have jumped 20% to $3.58 per gallon since the war began, according to data from the motorist advocacy group AAA. Economists estimate that consumer prices could rise by 1.0% in March and expect the Federal Reserve to keep interest rates unchanged next week.

Atlassian To Cut 1,600 Jobs Globally Citing AI Adoption

Technology firm Atlassian is reducing its global workforce by 1,600 employees, including 500 in Australia, as artificial intelligence is reshaping its staffing needs. Chief Executive Mike Cannon-Brookes announced in a pre-recorded video that 10% of the company’s global workforce, which is about 1,600 positions, would be eliminated. The company emailed employees within 20 minutes of the video’s release to inform them if their roles were affected. Atlassian said the funds freed by the job cuts would be redirected to investments in artificial intelligence and enterprise sales initiatives.

Fintech Revolut gets UK banking licence, plans expansion to 30 markets by 2030

Fintech firm Revolut has received regulatory approval to launch a British bank, allowing it to compete with established high street lenders in areas such as current accounts and consumer lending.

The London-based company received a banking licence with restrictions in July 2024 from the UK’s Prudential Regulation Authority (PRA), after starting its application in 2021.

Revolut, in a statement, said on March 11 that PRA had approved the end of its “mobilisation” phase. The licence allows Revolut to offer protected deposit accounts and lays the groundwork for future services, including lending and other financial products. The company plans to roll out current accounts to new clients in the coming days.

Revolut also announced earlier this month that it has applied for a US banking licence. The company plans to enter 30 new markets by 2030.

US Dollar Holds Near Year-High, Euro, Yen, Sterling Fall

The US dollar remained near its strongest levels of the year on March 12 as rising oil prices raised concerns about inflation and potential tighter central bank policies.

The euro fell 0.1% to $1.15 in early Asian trading, near its lowest level since November. Japan’s yen dropped 0.2% to 159.23 per dollar, approaching its weakest level since July 2024. The Australian dollar declined 0.1% to $0.7148, while the New Zealand dollar slid 0.1% to $0.5907. The British pound was down 0.2% at $1.3385.