MW Dow futures down nearly 500 points as oil prices continue to climb

By Joseph Adinolfi

Investors receive a few more updates related to the oil market Wednesday evening

U.S. stock futures were heading lower Wednesday evening.

Stock futures tumbled after hours on Wednesday, building on earlier losses for the S&P 500 and Dow Jones Industrial Average, as crude-oil prices pressed higher.

U.S.-traded West Texas Intermediate crude oil futures (CL00) were up 7.5%, trading at $93.55 a barrel, FactSet data showed. Meanwhile, Brent crude (BRN00), the global benchmark, was up 7.3% at $98.66 a barrel.

S&P 500 futures (ES00) were off 56 points, or 0.8%, at 6,722. Dow futures (YM00) were down 462 points, or 1%, at 46,982. Nasdaq-100 futures (NQ00) fell 214 points, or 0.9%, to 24,769.

Investors received a few updates related to the oil market Wednesday evening. Energy Secretary Chris Wright announced that the U.S. would release 172 million barrels of crude oil from the Strategic Petroleum Reserve as part of the International Energy Agency's plan to tap into emergency stockpiles as the Strait of Hormuz remains effectively closed.

Read more: Why the IEA's largest-ever release of oil reserves is pushing up crude prices

Also, CNN reported that 38 crew members were rescued after a suspected Iranian attack set two foreign tankers ablaze in Iraqi territorial waters, citing the head of Iraq's ports company.

Reuters reported earlier on Wednesday that at least 14 vessels have been struck in the region since the Iran conflict began, citing maritime security and risk firms.

The S&P 500 SPX and Dow DJIA finished lower on Wednesday during the regular trading session. The Nasdaq Composite COMP managed to eke out a gain.

-Joseph Adinolfi

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March 11, 2026 20:33 ET (00:33 GMT)

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