04:40 PM EDT, 03/11/2026 (MT Newswires) -- US equities mostly fell Wednesday, while oil prices advanced even as the International Energy Agency agreed to release record crude reserves amid concerns around supply disruptions caused by the war in the Middle East.

The Dow Jones Industrial Average shed 0.6% to 47,417.3, while the S&P 500 closed 0.1% lower at 6,775.8. The Nasdaq Composite was up 0.1% at 22,716.1. Most sectors were in the red, led by consumer staples, while energy saw the biggest gain.

West Texas Intermediate crude oil was last up 5.5% at 88.02 a barrel.

The IEA said Wednesday its 32 member countries agreed to release 400 million barrels of oil from their stockpiles.

"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.

"For investors, the key point is that even if equities appear relatively stable day to day, markets remain sensitive to geopolitical headlines and energy prices, which could still influence inflation and central-bank policy expectations," Saxo Bank said in a report on Wednesday.

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 amid disruptions caused by the ongoing US-Israel war with Iran, International Development Finance Corp. said Wednesday.

US Treasury yields were higher, with the 10-year rate last up 6.4 basis points at 4.23% and the two-year rate rising 4.4 basis points to 3.66%.

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.

"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."

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

"The (Federal Open Market Committee), meeting next week, will be forced to recognize the growing two-sided risks to their dual mandate as job growth stalls and inflation heats back up," Anderson said. "We expect the Fed to signal a wait-and-see approach to monetary policy that could be in place for a while, until the inflation and labor market impacts of the war become clearer."

In company news, Fair Isaac ( FICO ) said Wednesday it plans a $1 billion private offering of senior notes due 2034. The company's shares slumped 9.3%, the worst performer on the S&P 500.

Campbell's (CPB) followed Fair Isaac ( FICO ) on the index, down 7.1%. 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 9.2%, the second top gainer on the S&P 500. The cloud computing company's fiscal third-quarter results surpassed Wall Street's estimates late Tuesday.

Mosaic (MOS) was the best performer on the S&P 500, advancing by 10%. The company said Wednesday its Fertilizantes P&K Limitada unit completed a favorable preliminary economic assessment and signed a joint development agreement with Rainbow Rare Earths for a project in Brazil.

Gold was last down 1% at $5,191.10 per troy ounce, while silver dropped 3.8% to $86.22 per ounce.