Asia stocks rise but oil resumes gains amid IEA supply report

Asian equities rose on Wednesday (Mar 11) while oil resumed its gains as traders weighed growing supply concerns against a report that the International Energy Agency (IEA) was considering the release of a record amount of its reserves.



The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the crucial Strait of Hormuz.



Fears that the conflict could drag on for some time - choking off energy supplies - sent both main crude contracts soaring on Monday to within a whisker of US$120 a barrel, the highest since 2022.



Gas prices also rocketed.



However, prices tanked on Tuesday after US President Donald Trump said the war on Iran was "going to be ended soon" and it emerged that the Group of Seven (G7) developed nations would discuss tapping stockpiles.