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Well, it's not a surprise given that the G7 leaders' meeting is lined up right after. It is a mere formality now as they look to just finalise the details and nuances in getting this done.

The Reuters headline is saying that the IEA will announce its recommendation at 1300 GMT on releasing oil from its strategic reserves. It cites two sources with knowledge of the discussions. Adding that the release may total 400 million barrels. That seems to be on the upper end of the expected estimate. But as I mentioned earlier, it is not the total amount that really matters when it comes to looking at this move by the IEA.

From earlier:

"We already know that they are touting a big, big number. That somewhere along the lines of 300 million to 400…

The statement said that G7 energy ministers supported, in principle, the implementation of proactive measures in order to address the current market situation. And among those measures, it includes the use of strategic oil reserves.

Well, this is nothing new as it has been talked about since Monday already. However, we're still yet to see official action be taken.

Coming up later today, French president Macron is hosting an emergency call to discuss the ongoing US-Iran conflict and its impact on global energy markets. In particular, it is to talk over the energy situation and the Strait of Hormuz. The meeting is scheduled for 1400 GMT.

It is more than likely we will see this as the official approval step by G7 leaders to coordinate the…

IC Markets Global – Europe Fundamental Forecast | 11 March 2026

What happened in the Asia session?

During today’s Asia session, markets reacted positively to reports of the IEA proposing a record oil reserve release to mitigate supply disruptions from the Iran conflict and Strait of Hormuz closure, driving rebounds in major indices like Nikkei (+2%) and Kospi (+3.2%) while oil prices dipped amid stabilization hopes. Absent fresh macro data, RBA rate hike speculation added AUD focus, with energy commodities and regional equities most impacted by the dominant geopolitical-oil narrative.

What does it mean for the Europe & US sessions?

U.S. CPI data release for February, scheduled at 8:30 AM ET today, as it could heavily influence Fed…

IC Markets Global – Europe Fundamental Forecast | 11 March 2026

What happened in the Asia session?

During today’s Asia session, markets reacted positively to reports of the IEA proposing a record oil reserve release to mitigate supply disruptions from the Iran conflict and Strait of Hormuz closure, driving rebounds in major indices like Nikkei (+2%) and Kospi (+3.2%) while oil prices dipped amid stabilization hopes. Absent fresh macro data, RBA rate hike speculation added AUD focus, with energy commodities and regional equities most impacted by the dominant geopolitical-oil narrative.

What does it mean for the Europe & US sessions?

U.S. CPI data release for February, scheduled at 8:30 AM ET today, as it could heavily influence Fed…

•  Asian Stock Markets : Nikkei up 2.69%, Shanghai Composite up 0.05 Hang Seng up 0.36% ASX up 0.68%
• Commodities : Gold at $5,214.31 (-0.53%) Silver at $88.548 (-1.20%), Brent Oil at $87.29 (-0.54%), WTI Oil at $83.28 (-0.31%)
• Rates : US 10-year yield at 4.136, UK 10-year yield at 4.5580, Germany 10-year yield at 2.8533

• (JPY) Final GDP q/q 1.7%  to 1.5%  expected

Asia-Pacific markets traded mostly higher on Wednesday as investors monitored developments in the ongoing Middle East conflict and its potential impact on global energy markets. Optimism in several regional markets helped lift overall sentiment despite lingering geopolitical concerns.

Australia’s S&P/ASX…

IC Markets Global – Asia Fundamental Forecast | 11 March 2026

What happened in the U.S. session?

markets digested a steady 3.1% U.S. consumer inflation expectations print alongside an aggressive continuation of the conflict‑driven oil spike, which kept stagflation fears front and center. WTI and Brent pushed further toward and above the mid‑90s/near‑100 area, hammering U.S. equity futures, particularly tech, while supporting U.S. yields and the dollar and sustaining elevated gold prices on safe‑haven demand.

What does it mean for the Asia Session?

Escalating Middle East tensions, particularly the US-Iran conflict, have driven oil prices above $100 per barrel and sparked volatility in equities and safe-haven assets like gold. Regional…

• Prior +2.1%
• HICP +2.0% vs +2.0% y/y prelim
• Prior +2.1%

More to come..

US Markets Drift as They Await Fresh Middle East Updates – S&P down 0.2%
US equity markets closed little changed overnight as investors paused following several sessions of heightened volatility. Ongoing developments in the conflict in the Middle East continued to dominate sentiment, with headlines around potential peace progress shifting frequently and keeping traders cautious. The Dow slipped 0.07% to close at 47,706, while the S&P 500 declined 0.21% to finish at 6,781, while the Nasdaq managed to hold just above flat for the session, edging up 0.01% to close at 22,697. Bond markets also experienced another choppy session, with US Treasury yields moving higher after pulling back the previous day. The 2-year yield rose 5.4 basis points to…

US Markets Drift as They Await Fresh Middle East Updates – S&P down 0.2%
US equity markets closed little changed overnight as investors paused following several sessions of heightened volatility. Ongoing developments in the conflict in the Middle East continued to dominate sentiment, with headlines around potential peace progress shifting frequently and keeping traders cautious. The Dow slipped 0.07% to close at 47,706, while the S&P 500 declined 0.21% to finish at 6,781, while the Nasdaq managed to hold just above flat for the session, edging up 0.01% to close at 22,697. Bond markets also experienced another choppy session, with US Treasury yields moving higher after pulling back the previous day. The 2-year yield rose 5.4 basis points to…