02:06 PM EDT, 03/11/2026 (MT Newswires) -- US benchmark equity indexes were lower intraday, while oil prices moved higher as traders continued to monitor the ongoing US and Israel war with Iran.

The Dow Jones Industrial Average was down 0.9% at 47,289.1 after midday Wednesday, while the S&P 500 fell 0.4% to 6,760.8. The Nasdaq Composite dropped 0.2% to 22,657.3. Among sectors, consumer staples and financials saw the steepest declines, while energy led the gainers.

West Texas Intermediate crude oil jumped 4% to $86.82 a barrel intraday.

The International Energy Agency said Wednesday it has agreed to release a record 400 million barrels of oil to address supply disruptions triggered by the Middle East conflict.

"Oil reserve release is a temporary measure, and only military de-escalation can drive crude sustainably lower," ING Bank said in a report. "The IEA move might be sending a hidden signal to markets of few expectations for an imminent ceasefire."

Three vessels were reportedly hit by projectiles near the crucial Strait of Hormuz. Iran said it launched its "heaviest operation" since the beginning of the war, as Israel started an additional wave of strikes in Iran, CNN reported Wednesday.

Chubb ( CB ) will be the lead partner for the US International Development Finance Corp.'s $20 billion maritime reinsurance plan, which aims to help resume commercial shipping in the Gulf, the DFC said.

US Treasury yields were higher intraday, with the 10-year rate up 8.6 basis points at 4.22% and the two-year rate rising 7.3 basis points to 3.64%.

In economic news, annual US consumer inflation held steady in February, though analysts cautioned that a spike in energy prices in the aftermath of the Middle East conflict poses upside risks to inflation.

The most notable takeaway from the latest inflation report is that even before the recent rise in oil prices, "progress on the inflation front was already showing signs of petering out," TD Economics said in a note. "Looking ahead, we don't see much more room for services inflation to cool, while further tariff pass-through and secondary effects from higher oil prices are two-sources of upside risk to the inflation outlook."

Markets widely expect the US Federal Reserve to leave its benchmark lending rate unchanged next week, according to the CME FedWatch tool.

In company news, Fair Isaac ( FICO ) said Wednesday it plans a $1 billion private offering of senior notes due 2034. The company's shares were down 10% intraday, the worst performer on the S&P 500.

Campbell's (CPB) followed Fair Isaac ( FICO ) on the index, down 5.7%. The packaged food company lowered its full-year guidance after its fiscal second-quarter results fell short of expectations amid a slower-than-anticipated recovery in the snacks business.

Oracle (ORCL) shares jumped 8.5%, the top gainer on the S&P 500. The cloud computing company's fiscal third-quarter results surpassed Wall Street's estimates late Tuesday.

Gold was down 1.3% at $5,173.50 per troy ounce, while silver dropped 4.7% to $85.43 per ounce.