Strong Oracle Earnings Fail to Nudge Wall Street’s Eyes Off Iran War Headlines

U.S. stocks were back on oil watch Wednesday with investors eyeing headlines tied to the potential for coordinated support for global crude markets that could steady the nerves of a jittery market that remains focused on developments in the U.S. war with Iran. The International Energy Agency, formed during the Arab oil embargo in 1974 with the aim of establishing collective action against supply disruptions, has proposed the release of around 400 million barrels of crude from the strategic reserves of its 32 members. President Emmanuel Macron, meanwhile, will host a virtual meeting of G-7 leaders prior to the announcement.