US equity futures were edging higher pre-bell Wednesday as traders looked forward to the latest national inflation report, which will be a major factor in the near-term direction of interest rates.

Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.7% higher.

The conflict in the Middle East showed no signs of de-escalating, as US Central Command said in a post on X that it disabled a vessel in the Gulf of Oman that was in violation of the US blockade against Iran. In the Red Sea, a small Egyptian-owned cargo vessel was attacked by suspected Iran-backed Houthi forces, causing the deaths of six people, multiple media outlets reported.

Traders digested the latest round of earnings, with Amcor (AMCR) posting higher fiscal Q4 adjusted earnings and net sales.

Cisco Systems (CSCO) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect earnings of $1.17 per share on revenue of $16.84 billion.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.2% at $89.06 per barrel and US West Texas Intermediate crude 0.4% higher at $83.50 per barrel.

The July consumer price index, scheduled for release at 8:30 am ET, is seen gaining 0.1%, compared with a 0.4% decline in the prior month, according to estimates compiled by Bloomberg.