LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days
Asian stocks slumped on Friday (March 13, 2026), poised for a second straight weekly decline as fast-dwindling hopes of a resolution to the U.S. and Israel’s war with Iran kept oil prices aloft, casting a shadow over global markets and spurring inflation fears.
The U.S. dollar has become the safe-haven of choice during the tumult, putting most other currencies under pressure. The dollar was set for a second consecutive week of gains and is up 2% since the war broke out at the end of February.
Oil prices remained close to the closely watched $100 per barrel level, although they eased a bit in early trading on Friday after U.S. issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea.
Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel.
In Asia, MSCI’s broadest index of Asia-Pacific shares eased 0.5%, on course for a 1.5% decline for the week. Japan’s Nikkei fell 1.3%, while tech-heavy South Korean stocks slid nearly 2% and Taiwan equities fell 1%.
With Iran stepping up attacks across the Middle East as its new Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz shipping lane closed, investors are bracing for a prolonged conflict and higher oil prices. — Reuters
