Nikkei 225, Hang Seng Index, Kospi

Asia-Pacific markets fell Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.

The International Energy Agency is looking to release 400 million barrels of oil following the supply disruption owed to the Iran war, the largest such action in the organization’s history. The IEA did not set out a timeline for when the stocks would hit the market.

The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy Secretary Chris Wright said Wednesday evening stateside.

The announcement comes after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

The West Texas Intermediate jumped 8.8% to $95 per barrel, while global benchmark Brent was trading around 8.88% higher at $100, even after the International Energy Agency announced its largest emergency release of crude reserves in history.

Australia’s S&P/ASX 200 declined 1.61%.

Japan’s Nikkei 225 slid 1.54%, while the Topix lost 1.61%. South Korea’s Kospi declined 1.3%.

Hong Kong Hang Seng index fell 1.12%, while the CSI 300 was down 0.6%.

Overnight in the U.S., the Dow Jones Industrial Average fell as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

West Texas Intermediate futures climbed more than 4% to settle at $87.25 per barrel on Wednesday. Brent crude gained about 4.8% to end the session at $91.98 per barrel.