US stocks slide as oil prices fluctuate over renewed Iran war fears

oil prices rose on fresh concerns about Middle East supplies, before falling over possible release of more reserves.US financial markets have been whipsawed as bond market fears grow, pushing Treasury yields to their highest levels in more than 20 years, and oil prices continue to fluctuate, despite the Nasdaq and S&P 500 hitting record peaks.Wall Street closed lower on Wednesday as oil prices rose then fell due to renewed concerns about disruption to Middle East supplies.Recommended Stories list of 4 itemslist 1 of 4Southeast Asia’s energy chiefs meet against backdrop of Iran warlist 2 of 4Is Iran charging a toll to allow oil traffic through Hormuz?list 3 of 4What new measures is Iran taking to counter US economic pressure?list 4 of 4Has Russia’s fuel crisis given Iranian oil an opening in Central Asia?end of listStocks fell after closing at record highs in the previous session on Tuesday, with yields on US government bonds climbing to 24-year highs as investors worried about the impact of high oil prices on inflation and interest rates.oil prices initially climbed on Wednesday following a warning that Iran appeared to be stepping up attacks on tankers in the Strait of Hormuz, before closing lower after International Energy Agency (IEA) member states said they were ready to release more strategic reserves.IEA member countries said they stand ready to release additional oil from their reserves if necessary and will prioritise diesel due to tight supplies of the fuel, the head of the organisation said on Wednesday.G7 countries, in coordination with the IEA, agreed last Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the United States-Iran war.The latest announcement from the IEA calmed oil markets after prices had climbed on Wednesday following a report from UK Maritime Trade Operations.The maritime agency said on Tuesday that there had been nine attacks on tankers in the Strait of Hormuz this month, representing half of the September total in the waterway and the Gulf combined.