07:29 AM EDT, 03/12/2026 (MT Newswires) -- US equity markets were pointing lower before the opening bell Thursday while oil prices continued to rise as the conflict in the Middle East intensified.

The S&P 500 and the Nasdaq declined 0.3% each in premarket activity, while the Dow Jones Industrial Average was off 0.4%. The S&P 500 and the Dow finished the previous trading session down, while the Nasdaq closed higher.

Three foreign vessels were reportedly targeted off the coast of Iraq and the United Arab Emirates, according to several media outlets. The latest incidents come after the UK's maritime authorities said Wednesday that three vessels were hit by projectiles near the key Strait of Hormuz, while Iran said it launched its "heaviest operation" since the beginning of the war, CNN reported.

West Texas Intermediate crude oil gained 4.8% to $91.44 a barrel before the open, while Brent advanced 5% to $96.58.

The International Energy Agency on Wednesday agreed to release a record 400 million barrels of oil reserves amid concerns around supply disruptions caused by the war in the Middle East. The closure of the Strait of Hormuz drove Middle Eastern producers to shut or significantly reduce production.

"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."

The Organization of the Petroleum Exporting Countries kept its oil demand forecasts intact on Wednesday, saying it may be too early to gauge the economic impact of current geopolitical tensions. Chubb (CB) will be the lead underwriter for a US government program to provide insurance to ships transiting through the Strait of Hormuz, International Development Finance Corp. said Wednesday.

US Treasury yields were trending upwards in premarket action, with the two-year rate rising 1.7 basis points to 3.65% and the 10-year rate increasing 2.2 basis points to 4.23%.

Government data on Wednesday showed that annual inflation in the US held steady in February, although analysts warned that a spike in energy prices poses upside risks to inflation.

"Now is not a good time to remain complacent about price pressures," Scott Anderson, chief US economist at BMO, said in a report Wednesday. "(The February CPI report) is likely to be the best we are going to see on the US inflation front for a while, with the outbreak of war with Iran and the effective closure of the Strait of Hormuz spiking energy prices."

Thursday's economic calendar has the delayed housing starts and permits report and international trade in goods and services data, both for January, at 8:30 am ET, along with the weekly jobless claims bulletin.

Shares of UiPath ( PATH ) decreased 4.9% pre-bell even though the software company reported better-than-expected quarterly results. Li Auto's ( LI ) (LI) US-listed stock declined 2% as the Chinese electric vehicle maker provided a weak first-quarter revenue outlook.

Hims & Hers Health (HIMS) added 6.6% early Thursday after closing the previous session up 10%.

Dollar General ( DG ) , Dick's Sporting Goods (DKS), Full Truck Alliance ( YMM ) and Ollie's Bargain Outlet (OLLI) report their latest financial results before the bell, among others. Adobe (ADBE), Ulta Beauty ( ULTA ) and Lennar ( LEN ) post earnings after the markets close.

Gold edged up 0.3% to $5,192 per troy ounce, while bitcoin was down 0.6% to $70,208.