Oil Prices Decline Nearly 2% in Asian Markets

Mar 6, 2026

50 min

Mar 6, 2026 00:30

Oil price down nearly 2% in early Asian trade

## Market Overview

Oil prices experienced a significant drop in early Asian trading, falling nearly 2% following recent gains driven by Middle East tensions. West Texas Intermediate (WTI) crude decreased by 1.98%, settling at $79.44 per barrel. This decline comes after WTI surged 8.5% to $81.01 on Thursday.

## Brent Crude Status

Brent North Sea Crude, which saw a 4.9% increase on Thursday, was not yet trading at the time of the report.

## US Response

US President Donald Trump indicated that measures to alleviate pressure on oil prices are forthcoming. Earlier in the week, he directed the US Development Finance Corporation to offer political risk insurance for maritime trade in the Gulf. Additionally, Trump mentioned the potential deployment of the US Navy to escort oil tankers through the Strait of Hormuz if necessary.

## Market Reactions

Following the oil price movements, stock markets showed mixed reactions. European markets fell by about 1.5%, and major indices on Wall Street also declined after a brief rebound.

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