TOKYO, March 12, 2026 (BSS/AFP) - Oil rose in Asia on Thursday even after announcements of huge releases of crude from strategic reserves in an attempt to bring down prices in the wake of the Iran war.

At around 0100 GMT, Brent Crude was up 7.2 percent at $98.60 per barrel while West Texas Intermediate was 6.5 percent higher at $92.96.

On stock markets, Japan's Nikkei was off just over one percent and the Kospi in South Korea was flat.

The United States Department of Energy said Wednesday it will release 172 million barrels from the strategic petroleum reserve "beginning next week".

The release would "take approximately 120 days to deliver based on planned discharge rates," the agency said in a post to X.

On Wednesday the International Energy Agency had announced that its members had agreed to unlock 400 million barrels of oil from their reserves -- their largest release ever.

Japan said it would release oil reserves as early as Monday, while Germany said it planned to do the same, without specifying a date.

Iran has retaliated against US and Israeli attacks that began on February 28 by attacking targets across the oil-rich Gulf.

The conflict has effectively shut down the crucial Strait of Hormuz, through which nearly 20 percent of the world's oil usually transits to world markets.