Investors are awaiting February's consumer price index due Wednesday, seeking clues on the strength of the US market and economy, particularly after signs of a weakening labor market have grown in recent months.

Oil prices have taken dramatic swings week to date, surging to nearly $120 a barrel on Monday amid rising fears around the war in Iran. Prices slid on Tuesday, first on hopes that a group of nations would turn to emergency crude reserves. Energy prices dropped once more on the same day after the statement U.S. Navy successfully escorted tanker through the Strait of Hormuz. White House press secretary Karoline Leavitt later said that the US had not escorted a tanker through the key route.

West Texas Intermediate futures fell as low as $76.73 per barrel, but closed down nearly 12% at $83.45 per barrel. Brent crude lost more than 11% to settle at $87.80 a barrel. The fears about the Iran war have slightly eased, particularly after U.S. President Donald Trump on Monday signaled that the conflict could end soon.

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