Stock futures were relatively unchanged on Wednesday as investors awaited key consumer inflation data as well as continued to monitor the U.S.-Iran war and oil prices. Futures tied to the Dow Jones Industrial Average hovered around the flatline. S&P 500 futures and Nasdaq 100 futures were also flat. Oracle shares were a bright spot Wednesday, jumping 9% after the software vendor’s earnings and revenue for the fiscal third quarter exceeded analysts’ expectations. The company also raised its fiscal 2027 revenue forecast. Multiple reports stated that the International Energy Agency would announce later in the day a historic release of emergency oil reserves. In a Wednesday morning note, analysts at Goldman Sachs said the IEA’s proposed oil release would offset 12 days of their estimated 15.4 million barrels per day of export disruption. They said this could take $7 off of oil prices, assuming 50% of the emergency stock releases remain in OECD commercial storage. To be sure, a prolonged conflict could keep prices elevated. Overnight, it was reported that American forces had sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz, as Tehran was seeking to mine the critical shipping route at the center of concerns around oil supplies. “We really think that the critical factor remains the war’s duration, so these releases of the IEA’s stocks really buys us a few days, but in reality, really it all depends on the opening of the Strait of Hormuz,” Sasha Foss, energy market analyst at Marex, told CNBC’s “Europe Early Edition” on Wednesday morning. “This conflict needs to end by the end of the week. Otherwise, we’ll see oil prices spike back up over $100,” Foss said. Investors are also awaiting February’s consumer price index due Wednesday, seeking clues on the strength of the U.S. market and economy, particularly after signs of a weakening labor market have grown in recent months. Economists polled by Dow Jones anticipate that headline CPI rose 2.4% on a year-over-year basis. U.S. Treasury yields moved higher on Wednesday as investors awaited February’s inflation report and monitored U.S.-Iran war developments. At 3:54 a.m. ET, the benchmark 10-year Treasury yield rose more than 2 basis points to 4.159%. The 30-year Treasury bond was also up over 2 basis points to 4.797%. The 2-year Treasury note yield also rose 2 basis points to 3.59%. Asia-Pacific markets traded mostly higher Wednesday as investors assessed the ongoing Middle East war. Australia’s S&P/ASX 200 rose 0.59% to close at 8,743.5. Japan’s Nikkei 225 jumped 1.43% to end the session at 55,025.37 while the Topix added 0.94% to close at 3,698.85. South Korea’s Kospi advanced 1.4% to 5,609.95 while the small-cap Kosdaq closed flat at 1,136.83. Hong Kong’s Hang Seng index fell 0.2%, while the CSI 300 added 0.64% to close at 4,704.50. Oil prices rose Wednesday as the market awaits a historic release of emergency reserves from the International Energy Agency. Japan’s Prime Minister Takaichi Sanae told reporters Wednesday that Tokyo plans to independently release stockpiled oil as early as Monday, according to Japanese broadcaster NHK. Shortly before 7 a.m. ET, global benchmark Brent crude futures were 2% higher to $89.49 a barrel, after earlier rising above the $92 mark. U.S. crude oil gained 2.4% to trade at $85.44 a barrel, also paring earlier gains. Gold prices rose slightly in Asian trade on Wednesday as markets navigated mixed signals on the U.S.-Israel war with Iran, with focus squarely on disruptions in energy markets and a potential end to the conflict. Upcoming U.S. consumer inflation data for February will also be watched for more cues on the world’s largest economy, although the print is unlikely to reflect heightened energy prices stemming from the Iran war.  Spot gold rose 0.2% to $5,204.29 an ounce by 01:17 ET (05:17 GMT), while gold futures fell 0.5% to $5,213.11/oz.