Asia Market Movers | IEA warns Middle East crisis worse than 1970s oil shocks, eyes stock releases

Monday, 23 Mar, 2026 Commodities IEA warns Middle East crisis worse than 1970s oil shocks, eyes stock releases IEA warns crisis worse than 1970s shocks as Hormuz disruption drives global energy strain. Summary: IEA warns Middle East crisis is "severe" and escalating Birol says situation worse than both 1970s o Commodities Saudi Aramco cuts Asia oil supply as Hormuz disruption tightens market Summary: Saudi Aramco cuts April crude supply to Asian buyers Supplies constrained due to Hormuz disruption from Iran conflict Buyers told to lift only Arab Light crude from Yanbu terminal Shift refle Learn more Central Banks PBOC sets USD/ CNY reference rate for today at 6.9041 (vs. estimate at 6.8928) The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. PBOC injects 8bn yuan in 7-day reverse repos at 1.4% (unchanged) in open market operations PBoC Commodities Gold gets smashed as oil shock lifts yields, boosts dollar, and crushes rate-cut hopes. Summary: Gold is under pressure from a stronger US dollar and higher Treasury yields Markets are repricing for fewer rate cuts and possible renewed tightening Oil shock is lifting inflation fears, whi Central Banks PBOC is expected to set the USD/CNY reference rate at 6.8928 – Reuters estimate The People's Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Forex Japan flags FX intervention risk. Oil shock drives yen volatility and policy response. Japan ramps up FX warnings as oil-driven volatility pressures the yen, with authorities signalling readiness to intervene while also deploying fiscal support to offset rising energy costs. Summary: Ja Commodities Saudi pipeline bypass eases oil shock, here's what's next for global supply. Saudi pipeline lifeline cushions oil shock, but risks of further disruption remain high. Summary: Saudi Arabia activates East-West pipeline to bypass Hormuz disruption Pipeline reroutes crude to Red S News UK calls emergency COBRA meeting as Iran war lifts inflation and gilt yields Bearish for UK bonds (higher yields) and negative for growth outlook; supports inflation expectations and hawkish BoE repricing, with spillover risk to global fixed income markets. Summary: UK PM Star Learn more Commodities Goldman Sachs lifts 2026 oil forecasts: Brent $85, WTI $79 on Hormuz risk Goldman Sachs raises oil forecasts as extended Hormuz disruption and structural supply risks lift long-term price expectations. Summary: Goldman Sachs lifts oil price forecasts on prolonged Hormuz dis

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