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From school closures to WFH: How Asia is tackling oil supply crunch

Oil supply disruptions caused by the conflict in West Asia are starting to hurt economies across Asia, prompting several countries to take emergency steps such as shutting institutions to conserve energy and imposing price caps to prevent panic and ease the burden on citizens. This comes as oil supply across the region has been disrupted after the US and Israel launched strikes on Iran, triggering retaliatory attacks by Tehran on Israel and American military bases across West Asia.

US stocks hold steadier as Wall Street waits for the next signal on how long war with Iran may last

On Tuesday, March 10, 2026, U.S. stock markets remained relatively stable as investors awaited clearer signals on the duration of the ongoing war with Iran. The S&P 500 eased by 0.2%, the Dow Jones fell slightly by 34 points (0.1%), while the Nasdaq edged up by less than 0.1%. Much of the market volatility is driven by extreme fluctuations in oil prices, which had briefly surged to nearly $120 per barrel before retreating to $87.80 after President Donald Trump suggested the war might be nearing an end. However, mixed messages from Trump and Iran's continued aggression—particularly attacks on Israel and Gulf Arab nations—sustained global uncertainty.

US stock market remains calm, even as oil prices rise

Despite rising oil prices due to the ongoing war with Iran, the U.S. stock market remained relatively stable on Wednesday. The S&P 500 dipped slightly by 0.1%, the Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite rose by 0.1%. Oil prices climbed significantly, with Brent crude reaching $91.98 per barrel and U.S. crude hitting $87.25. The increase stems from supply concerns, especially around the critical Strait of Hormuz, where oil shipping has been disrupted. In response, the International Energy Agency announced a release of 400 million barrels from emergency stockpiles.