07:40 AM EDT, 03/11/2026 (MT Newswires) -- The main US stock measures were trending upwards in premarket activity on Wednesday, while oil prices increased, as traders continue to monitor developments in the ongoing Middle East conflict and await a key inflation report.

The S&P 500 inclined 0.2% before the opening bell, while the Nasdaq and the Dow Jones Industrial Average edged up 0.1% each. The S&P 500 and the Dow finished Tuesday's trading session in the red, while the Nasdaq was virtually flat.

West Texas Intermediate crude oil gained 2.2% to $85.45 a barrel in premarket action, while Brent grew 1.9% to $89.46.

The UK navy reportedly said Wednesday that three vessels were struck by projectiles in the Strait of Hormuz and the Persian Gulf, as tensions in the region continue to strain oil supplies. Tehran effectively closed the crucial Strait, the world's most important chokepoint for crude flows, and has reportedly begun laying mines in the waterway.

"We have hit, and completely destroyed, 10 inactive mine laying boats and/or ships, with more to follow!" US President Donald Trump said in a social media post on Tuesday. Defense Secretary Pete Hegseth said Tuesday that Washington will not relent in the ongoing war until "the enemy is totally and decisively defeated," according to CNN.

The International Energy Agency has proposed to release oil reserves following an emergency meeting to help lower prices that have surged amid the Middle East conflict, The Wall Street Journal reported Tuesday, citing sources. The Group of Seven, or G7, energy ministers said they are ready to take necessary measures to address the ongoing oil market volatility, according to reports published Wednesday.

The consumer price index report for February is scheduled for an 8:30 am ET release. Government data are expected to show that consumer inflation rose 0.3% and 2.4% on sequential and annual bases last month, according to a Bloomberg-compiled consensus.

Treasury yields were up before the open, with the two-year rate advancing 2.3 basis points to 3.59% and the 10-year rate adding 2.7 basis points to 4.16%.

Federal Reserve Vice Chair for Supervision Michelle Bowman is slated to speak at 8:30 am, with investors to gauge her comments for any clues on the central bank's monetary policy. Markets widely expect the Fed to leave its benchmark lending rate unchanged next week, according to the CME FedWatch tool.

Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.

Shares of Oracle (ORCL) jumped 10% pre-bell as the cloud computing company reported better-than-expected fiscal third-quarter results. AeroVironment ( AVAV ) fell nearly 9% after the drone maker lowered its full-year outlook.

Campbell's (CPB) reports its latest financial results before the bell, among others, while UiPath ( PATH ) posts earnings after the markets close.

Gold decreased 1% to $5,191 per troy ounce, while bitcoin was down 0.6% to $69,591.