U.S. stock futures are modestly lower in premarket trading as oil prices rallied back above $91 a barrel on supply disruption worries while the Iran war continued.

Late Wednesday, Energy Secretary Chris Wright said the U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve. It will take about 120 days to deliver the fuel. This comes after the IEA reported they are releasing 400M barrels of oil from the 32-member strategic reserves.

Three more foreign ships were struck in the Persian Gulf overnight, authorities said, as attacks intensify on vessels sailing through or near the strategically vital Strait of Hormuz. Investors will focus on headline risks, oil prices and economic data including Jobless Claims.

• Oil (/CL) – Oil prices are up 5% above $91 a barrel for WTI after Brent crude briefly touched $100 a barrel, as attacks were reported on three more cargo ships in the Persian Gulf and traders reacted to the IEA’s move to release government stockpiles. The reports come shortly after the IEA announced its largest emergency release of crude reserves in history.

• Gold (/GC) – Gold prices are relatively flat near $5185, as margin calls on sliding equities, a stronger dollar and dampened rate cut bets offset safe haven demand for bullion amid the escalating U.S.-Israeli war on Iran.

• Bitcoin (/BTC) – The Crypto Future is flat near 70,800 in premarket trading.

• VIX – The CBOE Volatility Index was down 2.8% on Wednesday and settled at 24.23 despite weakness in stocks. The VIX is up 4% this morning as stocks are lower.

• U.S. Dollar (/DX) – The dollar is flat at 99.3.

• Piper Sandler upgrades Shopify (SHOP) to Overweight from Neutral

• Citi upgrades Dow (DOW) to Buy from Neutral

• Wells Fargo double upgrades Occidental Petroleum (OXY) to Overweight from Underweight

• Wells Fargo downgrades General Mills (GIS), Conagra Brands (CAG) & Campbell’s (CPB) to Underweight from Equal Weight

• Citi downgrades Generac (GNRC) to Neutral from Buy

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