5 things to know before the market opens on Thursday

International Energy Agency member states yesterday agreed to release 400 million barrels of oil from the agency’s emergency stockpile, the largest ever release. However, this move did little to help oil prices. Oil prices rose about 5% overnight, with Brent crude at one point reaching $100 per barrel.

Here’s what you need to know:

The IEA did not provide a timeline for releasing reserves, but the agency’s director, Fatih Birol, said the aim was to address the immediate impact of supply disruptions during the Iran war. President Donald Trump said late Wednesday that the United States would tap into the Strategic Petroleum Reserve to help reduce energy costs. The United States plans to release 172 million barrels from its stockpile, which will take about 120 days to deliver, Energy Secretary Chris Wright said. However, with the Strait of Hormuz still in turmoil and three more ships attacked in the Persian Gulf overnight, the IEA and US announcements released failed to quell investor concerns and lower oil prices. The United States hopes to restart tanker traffic in the Strait by providing insurance for ships passing through the Strait. The US International Development Finance Corporation announced yesterday that insurance giant Chubb will be the lead underwriter for the $20 billion program. Follow us here for live market updates.

According to the Consumer Price Index released yesterday, consumer prices in February rose 0.3% from the previous month and 2.4% from the previous year, in line with economists’ expectations.

Neither headline nor core annual inflation rose last month, indicating that while inflation remains above the Federal Reserve’s target, it is not getting worse.

Wednesday’s CPI report did not appear to move stock markets, as traders focused instead on oil prices. In fact, this data was one of the last inflation forecasts investors got before the full impact of the Iran war took hold. Joe Seidle, senior market economist at JPMorgan Private Bank. The report is “a little outdated at this point.”

In an effort to replace sweeping tariffs handed down by the Supreme Court last month, the Trump administration is launching new trade investigations into several U.S. trading partners.

The investigation will be conducted under Section 301 of the Trade Act of 1974, which allows the United States to impose tariffs on products from countries found to have participated in unfair trade practices. The list of trading partners facing these new investigations includes Mexico, China, the European Union, Japan, India, and Vietnam.

Earlier, data released by the Treasury Department showed the US budget deficit topped $1 trillion for the fiscal year ending in February. This is about 12% lower than the same period in 2025 and reflects how increased toll collections boosted government revenue growth.

google The company announced yesterday that it will sell part of its stake in its fiber optic division GFiber. The business will be integrated with Astound Broadband to become an independent provider, but Google will remain a minority shareholder.

Founded in 2010, GFiber is one of the non-core assets in Google’s “Other Bets” segment, which also includes Waymo and Isomorphic Labs. The fiber division was originally intended to build ultra-fast fiber-optic broadband networks in the United States, but planned expansions have since been scrapped as Google focused on select markets.

As CNBC’s Jennifer Elias notes, the spinout is expected to be completed in the fourth quarter and comes as AI services drive demand for high-capacity networks.

Drivers aren’t the only ones who could suffer a severe shock from rising oil prices. As CNBC’s Leslie Josephs reports, flyer prices will also be higher at ticket counters.

Several global airlines have already announced that they will increase fares to cover increased fuel costs. united airlines CEO Scott Kirby has indicated that his airline is likely to follow suit. Airline executives say travel demand remains strong and could ultimately give airlines more pricing power.

Meanwhile, Transportation Security Administration employees are expected to lose their first full paycheck this week. Lawmakers yesterday failed to reach an agreement to end the weeks-long shutdown of the Department of Homeland Security.

technology companies etc. microsoft has invested billions of dollars in AI infrastructure projects in the Middle East. These expansion plans now face uncertainty as data centers become targets of the Iran war.

—CNBC’s Spencer Kimball, Li Ying Xiang, Sam Meredith, Chloe Taylor, Matt Peterson, Pia Xin, Jeff Cox, Brandon Gomez, Greg Iakrusi, Dan Mangan, Jennifer Elias, Leslie Josephs, Garrett Downs and Kai Nicole Schwartz contributed to this report. Melody Warner edited this version.