U.S. stocks were mixed during early trading on Wednesday, with the Dow Jones Industrial Average down by 140 points. Investors continued to monitor developments in the U.S.-Iran conflict, trends in oil prices, and assessed key consumer inflation data. The U.S. Consumer Price Index for February rose 2.4% year-over-year, matching expectations.

The Dow dropped 141.96 points, or 0.30%, to 47,564.55; the Nasdaq Composite gained 133.904 points, or 0.59%, to 22,831.008; and the S&P 500 increased by 13.38 points, or 0.20%, to 6,794.86.

Oil prices climbed again on Wednesday. West Texas Intermediate crude futures advanced 4%, to around $87 per barrel. Brent crude futures also rose 4%, to $91 per barrel. However, expectations of a potential large-scale strategic petroleum reserve release by multiple nations provided some relief to investors as the conflict persists.

Multiple reports indicated that the International Energy Agency (IEA) would announce a historic emergency oil stockpile release later in the day.

Analysts at Goldman Sachs Group stated in a report Wednesday morning that the proposed IEA oil release would offset 12 days of the estimated 15.4 million barrels per day of export disruptions.

The Goldman Sachs analyst team noted that assuming 50% of the emergency stock release remains in OECD commercial inventories, it could lead to a $7 decline in oil prices.

Certainly, a prolonged conflict may keep oil prices elevated for an extended period.

Overnight reports said that as Tehran attempted to lay mines in the Strait of Hormuz, a critical oil transit route, U.S. forces sank several Iranian vessels near the strait, including 16 mine-laying boats. The Strait of Hormuz is a focal point of concerns regarding oil supply.

The United Kingdom Maritime Trade Operations office also reported on Wednesday that three cargo ships near the Iranian coast, one of which was in the Strait of Hormuz, had been struck by shellfire.

Earlier this week, U.S. President Donald Trump stated that the war would end "soon."

Emmanuel Cau, European equity strategist at Barclays, wrote in a report on Wednesday, "We think that after an exceptionally sharp spike in oil volatility, Trump’s suggestion that the war could end soon may indicate that his 'tolerance limit' has been reached." He added, "The longer the oil price surge persists, the greater the downside risks to earnings and valuations."

On the economic data front, the Consumer Price Index for February increased 2.4% from a year earlier, in line with economists' expectations surveyed by Dow Jones. Prior to this report, signs of weakness in the labor market had been growing in recent months.

Oracle Corporation shares surged 9% on Wednesday, standing out as a market highlight. The software provider reported better-than-expected profit and revenue for its fiscal third quarter and also raised its revenue forecast for fiscal year 2027.