Wall Street closed lower on Wednesday as oil prices rose and then fell amid renewed concerns about possible disruption to Middle East supplies. According to NS3.AI, U.S. government bond yields climbed to 24-year highs as investors weighed the risk that higher oil prices could feed inflation and push interest rates higher.

The head of the International Energy Agency said member countries were ready to release additional oil reserves if needed, with diesel taking priority. Maritime intelligence firm Kpler reported that Gulf oil flows, excluding Iran, recovered to more than 81% of pre-war levels in September.

India's Ministry of External Affairs said an unknown projectile injured 12 crew members on a Panama-flagged tanker crossing the Strait of Hormuz on Tuesday.