ASX to drop; oil rises after IEA decision, Hormuz ship strike

Australian shares are poised to open down. The S&P 500 closed modestly lower as investors struggled to position amid President Donald Trump’s ever-changing war rhetoric.

While market sentiment was boosted earlier by a decision by the IEA to release a historic 400 million barrels from emergency oil reserves, Trump said the US and Israel have not yet finished hitting Iran. Iran also listed three terms it requires for the war to end, including payment of reparations.

Source: https://www.afr.com/markets/equity-markets/asx-to-drop-us-shares-mixed-oil-rises-despite-iea-decision-20260312-p5o9o1