FEAR & GREED | Business News Energy boss oil warning; ASX loses $300b in three weeks; luxury carmakers dump EVs
Mar 23, 2026
A stark warning on oil supply losses tied to the Middle East crisis. Energy-saving proposals and a new Australia-Singapore fuel security pact. The ASX plunges almost $300 billion and flirts with correction territory. Major luxury carmakers scale back EV expansion plans. Japan faces a return to toilet-paper stockpiling amid fresh supply worries.
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Middle East Crisis Is Stranding Large Oil Volumes
- The IEA says oil lost from the Middle East crisis is already double the 1970s oil shock, signalling a deep supply disruption.
- Dr. Fatih Birol warned Asia faces a “very severe” energy squeeze and urged releasing strategic stockpiles and demand measures.
Use Stockpiles And Behavioural Cuts To Calm Markets
- Birol recommended releasing IEA members' fuel reserves and measures like work-from-home and speed limits to curb energy use.
- He framed those as options to calm markets, though he said implementation is up to national leaders like the Prime Minister.
Local Market Lost $300 Billion Since Conflict Began
- The ASX 200 flirted with correction territory, falling 9.1% from its March 2 peak and wiping about $300 billion in market value.
- The index closed at 8,366, its lowest since May last year after an earlier 2% intraday drop.