Oil prices surged in Asian trade on March 17 after sharp losses the prior day. West Texas Intermediate rose 1.95% to $95.32; Brent Crude gained 1.84% to $102.05.
Japan began releasing strategic oil reserves. The International Energy Agency confirmed member nations had already agreed to release 400 million barrels-the largest coordinated drawdown in history-and stands ready to unlock more if needed.
A Pakistani tanker became the first non-Iranian vessel to transit the Strait of Hormuz with its transponder activated-a symbolic step toward restoring maritime confidence.
Yet drone strikes struck major oil facilities in the United Arab Emirates and Iraq on Monday-underscoring persistent regional volatility.
US allies are resisting President Donald Trump’s push for military action to reopen the Strait of Hormuz to energy tankers.
Equity markets responded positively: Japan’s Nikkei rose 0.57%, South Korea’s Kospi climbed 2.40%, and European indices advanced following Wall Street’s gains.