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Stocks Churn as Oil Holds Rally After IEA Move
Posted
March 11, 2026
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March 11, 2026
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5:05Now PlayingAngelo Kourkafas, Senior Investment Strategist at Edward Jones, assesses how markets are responding to short term uncertainty.
Wall Street traders rattled by geopolitical worries sent stocks and bonds lower, with oil surging as the emergency release of reserves from rich nations was seen as just a temporary reprieve to energy prices as the war rages on.
US crude topped $85 despite the International Energy Agency’s decision to discharge 400 million barrels from emergency reserves. Relatively tame inflation data from before the outbreak of the war in Iran failed to boost sentiment. The S&P 500 was little changed. Treasuries held losses after the in-line consumer price report, leaving traders anticipating the Federal Reserve will cut rates only once this year.
Underlying US inflation slowed in February from a month earlier, offering some relief from price pressures before the war with Iran. Inflation has generally been on a downward trend. But renewed price concerns which has boosted oil, gasoline and fertilizer costs, risks amplifying affordability worries.
“February’s inflation numbers were heading in the right direction, but then along came the conflict in the Middle East and now the path is changing,” said Brian Jacobsen at Annex Wealth Management.
Despite the prospect of releasing oil reserves, continued uncertainty translates into upside risk for oil prices, and that means a Fed that will remain cautious about cutting rates, according to Ellen Zentner at Morgan Stanley Wealth Management.
“Investors and the Fed are in uncharted territory right now, taking their cues from crude oil and tanker traffic in the Strait of Hormuz,” David Russell at TradeStation.
Three vessels were hit by suspected projectiles in the Strait of Hormuz and Persian Gulf on Wednesday, one of the heaviest days of attacks since the Iran war began.
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