US stocks end flat; Dow Jones sheds 290 points

US stocks closed Wednesday flat, after a weak start, as concerns grew over the repercussions of the war in the Middle East and the continued surge in oil prices, despite the International Energy Agency’s (IEA) decision to release unprecedented oil stockpiles from emergency reserves.

The Dow Jones Industrial Average lost 0.61%, or 289 points, to 47,417.

The S&P 500 was unchanged at 6,775 points, after falling to 6,745 during the session, while the Nasdaq Composite was steady at 22,716 points.

In Europe, the Stoxx Europe 600 declined 0.59% to 602 points, with most sectors and major bourses posting losses.

The UK’s FTSE 100 fell 0.56% to 10,353. Germany’s DAX dropped 1.37% to 23,640, with France’s CAC 40 slipping 0.19% to 8,041 points.

In Japan, the Nikkei 225 rose 1.43% to 55,025 points, while the broader Topix gained 0.94% to 3,698 points.

On oil, Brent crude futures for May delivery rose 4.76%, or $4.18, to $91.98 a barrel.

US WTI crude futures for April delivery also jumped 4.55%, or $3.80, to $87.25 a barrel.

Gold futures for April delivery fell 1.20%, or $63, to $5,179.10 an ounce.

What moved markets?

Investors and analysts believe the IEA’s decision to release oil reserves may not be sufficient to address global supply concerns, particularly as attacks on shipping in the Strait of Hormuz escalate. This comes despite US President Donald Trump’s pledge to provide military protection for vessels if necessary and his remarks that the war could be nearing an end.