US stocks traded in a narrow range on Wednesday even as crude oil prices resumed their upward move amid continued uncertainty over the conflict with Iran, according to an Associated Press report. The S&P 500 edged up 0.1% in early trading after a period of sharp volatility driven by energy price swings, while the Dow Jones Industrial Average slipped 21 points and the Nasdaq composite rose 0.3%, AP reported.Crude prices climbed more than 3%, despite several governments indicating plans to release emergency oil reserves to stabilise global markets. US benchmark crude was up 2.8% at $85.76 per barrel, while Brent crude rose 2.6% to $89.99 a barrel after being up more than 5% earlier in the session.Wall Street had pointed to modest gains in premarket trade as energy prices showed signs of stabilising. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq were each up about 0.1% before the opening bell.Oil prices remain significantly below their recent peak near $120 per barrel, but continued concerns about disruptions to global supply flows have kept markets volatile. The United States said it had destroyed more than a dozen Iranian vessels suspected of laying mines, while Iran vowed to block regional oil exports, warning it would not allow “even a single liter” to be shipped to its enemies.“With Iran continuing to threaten vessels passing through the Strait of Hormuz, the focus will be on how the U.S. and other major economies will ensure the flowing of crude oil via this narrow passage and alternative routes to help stabilise prices,” Fawad Razaqzada of Forex.com said in a market report. He added that a large release of strategic reserves may offer only temporary relief.Germany’s economy minister also announced plans to release part of the country’s emergency oil stockpiles following a request by the International Energy Agency to member states to release about 400 million barrels to cool prices.Market participants are also awaiting the latest US consumer price data due later in the day, which is expected to show a renewed uptick in inflation. Analysts widely expect the Federal Reserve to keep interest rates unchanged at its upcoming policy meeting, particularly if elevated fuel costs continue to push prices higher.In corporate developments, shares of Oracle surged nearly 10% in premarket trading after the company reported quarterly earnings and revenue growth of 20%, exceeding analysts’ expectations.Global markets remained mixed. Germany’s DAX fell 0.8%, France’s CAC 40 declined 0.3%, and Britain’s FTSE 100 dropped 0.8% in midday trade. In Asia, Japan’s Nikkei 225 rose 1.4%, South Korea’s Kospi advanced 1.4%, while Hong Kong’s Hang Seng slipped 0.2%. The Shanghai Composite index gained 0.3%, Australia’s S&P/ASX 200 climbed 0.6%, and Taiwan’s benchmark surged 4.1%. India’s Sensex, however, fell 1.8%.Stocks have historically rebounded relatively quickly from military conflicts, provided oil prices do not remain elevated for prolonged periods. However, sustained high energy costs could strain household budgets and corporate margins, raising fears of “stagflation” — a mix of slowing growth and persistent inflation.
