The February consumer price increase matched expectations, and crude rose after carrier ships were hit with projectiles and markets anticipated a large release of oil stocks.

Investors wait for the February CPI this morning and mull stronger-than-expected earnings from Oracle, with eyes on crude oil as war news continues to drive trading.

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April Light Sweet Crude Oil Futures (/CLJ26) is trading up 2.70% to $85.70 in the pre-market as market participants await news from the G-7 Energy Ministers on an International Energy Agency (IEA) proposal for a release from strategic reserves. Consumer Price Index (CPI) Figures were also released this morning. CPI came in line with expectations, rising 2.4% year on year and 0.3% month on month. Excluding food and energy prices, CPI rise 0.2% monthly and 2.5% year on year also matches estimates.

The February consumer price increase matched expectations, and crude rose after carrier ships were hit with projectiles and markets anticipated a large release of oil stocks.

Though Wall Street embarked on a massive rebound yesterday, choppiness could remain a feature with crude oil elevated. Oracle reports later today and key CPI data comes tomorrow.

Crude oil prices could continue calling the shots this week as war remains front and center. Last Friday's disappointing jobs report raises new economic questions as CPI looms.

If tensions de-escalate soon, there could be relatively little impact on international markets. However, risks will rise if global energy supplies face a prolonged disruption.

Major indices are on track for weekly losses as the U.S./Iran conflict sends oil prices, volatility and Treasury yields higher.