Oil prices retreat, Asian shares rise after report of planned IEA oil reserve release – business live

2026-03-11 - 07:53

International Energy Agency reportedly proposed argest release of oil reserves in its history to bring down crude prices Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Oil prices have pulled back and Asian shares rose after the Wall Street Journal reported that the International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices. Several major questions loom over the oil market’s trajectory. Chief among them is the timing of safe passage for vessels through the Strait of Hormuz, a critical chokepoint for global oil supply. Another concern is the possibility of infrastructure damage... Even if major hostilities subside, the prospect of ongoing low-level Iranian drone attacks on energy infrastructure could prolong market instability into next year. I think it’s very likely that we’ll see gold get to over $6,000 an ounce by the third or fourth quarter this year. 9.45am GMT: Treasury Committee to quiz Rachel Reeves about spring forecast 12.30pm GMT: US inflation for February (previous: 2.4%, forecast: 2.4%) Continue reading...