This content was published on

March 17, 2026 – 00:20

(Bloomberg) — Stocks in Asia were poised to rise after a pullback in oil prices lifted Wall Street, amid hopes that more tankers will be able to pass through the Strait of Hormuz.

Equity-index futures signaled gains at the open in Japan and Hong Kong after crude prices eased for the first time in four days on Monday. Shares rose at the start of trading in Australia. Brent declined 2.8% to close just above $100 a barrel. Still, West Texas Intermediate crude rose as trading began Tuesday.

The S&P 500 notched its best day since February, led by technology shares. Nvidia Corp. climbed 1.7% after saying it expects to generate at least $1 trillion in revenue from artificial-intelligence chips through the end of 2027. In other corners of the market, Treasuries advanced as lower oil prices tempered inflation concerns, while the dollar posted its worst day in more than a month.

Risk appetite was also boosted by expectations that major economies could release petroleum reserves to offset potential supply disruptions, after President Donald Trump renewed calls for allies to help safeguard the Strait of Hormuz. Threats to flows through the vital shipping lane continue to fan inflation worries as investors brace for a slate of central-bank meetings this week.

“As the war with Iran continues, oil prices are dictating the mood and headlines from the Strait of Hormuz are driving markets,” wrote Bob Savage, head of markets strategy and insight at BNY. “Concerns for the week revolve around how central bankers see through these matters.”

Trump expressed his frustration with other nations, who have so far been publicly noncommittal on his calls to help ensure vessels can transit the strait. Later on Monday he said he had requested China — among those he’s asked for support — to delay a summit with his counterpart Xi Jinping for about a month, saying it was important for him to remain in Washington to oversee the Iran war.

“The possibility that the US-China meeting could be postponed by one month may also be taken as a sign that the war with Iran is likely to drag on longer than expected,” said Hideyuki Ishiguro, chief strategist at Nomura Asset Management. “That would weigh on equity markets.”

Meanwhile, the International Energy Agency, which recently agreed to a record release of emergency reserves, said it has more that can be made available if needed.

Asked if there were any ⁠tools to mitigate higher oil prices — beyond emergency reserves — Treasury Secretary Scott Bessent told CNBC it would depend on how long the war lasts. Bessent noted prices would be “probably much lower” than $80 in a couple of months’ time.

The effective closure of the Strait of Hormuz has forced the likes of the United Arab Emirates and Kuwait to reduce oil output further. Still, a trickle of vessels is beginning to find a way through the waterway.

The yen is also in focus as it edges ever closer to the 160-per-dollar mark, reflecting investors’ concerns around the nation’s heavy reliance on imported energy. Traders are expecting the Bank of Japan to keep interest rates on hold in its policy meeting later this week, with a quarter-point hike expected only in July.

“Right now the yen will go to 160 and the BOJ cannot stop this weakening unless they hike rates,” said Ashwin Binwani, founder of Alpha Binwani Capital, who has bearish positions on Japan’s currency against the greenback. “If the oil price doesn’t go down in the next three months, the yen will go to 165.”

Elsewhere, a bond rally on Monday pushed Treasury yields four to six basis points lower across maturities. Investors are now turning to the Federal Reserve’s rate decision Wednesday, with policymakers expected to hold rates steady as the war clouds the outlook.

The Bank of England and the European Central Bank also meet this week. The Reserve Bank of Australia is widely expected to deliver a rate hike in Sydney later Tuesday.

“Before the outbreak of hostilities, inflation data had been moving in a relatively encouraging direction,” said Daniela Hathorn, senior market analyst at Capital.com, noting that the US consumer price index data in February showed slowing inflation. “For some economies, particularly the US where growth has remained relatively robust, there may be more room to absorb higher energy prices.”

Corporate Highlights:

Alibaba Group Holding Ltd. is setting up a business unit to bring its sprawling AI services and development endeavors under a single umbrella, signaling its determination to profit off artificial intelligence. Wall Street banks led by JPMorgan Chase & Co. have already attracted enough demand for the nearly $15 billion of debt it is selling to back the leveraged buyout of video game maker Electronic Arts Inc., the largest of its kind. Bank of America Corp. has agreed to settle a proposed class action lawsuit on behalf of Jeffrey Epstein victims who accused the bank of aiding in the deceased financier’s sex-trafficking, according to a court record. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.2% as of 8:17 a.m. Tokyo time Hang Seng futures rose 0.6% Australia’s S&P/ASX 200 rose 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1496 The Japanese yen was little changed at 159.22 per dollar The offshore yuan was little changed at 6.8934 per dollar The Australian dollar fell 0.1% to $0.7063 Cryptocurrencies

Bitcoin rose 0.3% to $74,455.13 Ether fell 0.3% to $2,338.24 Bonds

Australia’s 10-year yield declined five basis points to 4.95% Commodities

West Texas Intermediate crude rose 1.9% to $95.29 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

–With assistance from Momoka Yokoyama and Ruth Carson.

©2026 Bloomberg L.P.