S&P 500 futures are little changed as traders monitor oil prices, await inflation data: Live updates

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.

West Texas Intermediate futures climbed 2% to $85.20 per barrel. Brent crude also traded 2% higher at $89.58 per barrel. However, investors got some relief from the prospect of a major reserve release from countries as the conflict continues.

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.