In an effort to ease global energy disruption as a result of the ongoing conflict in Iran, members of the International Energy Agency voted unanimously for the largest-ever release of oil from their strategic reserves—400 million barrels.

The key pain point is the Strait of Hormuz, through which about a fifth of global oil supply moves. Iranian officials said Wednesday the country will not allow oil to pass from the Strait of Hormuz to the U.S. and its allies. Middle Eastern countries have slashed their oil production by about two-thirds as a result of the closure of the crucial waterway, according to Bloomberg.

Meanwhile, oil prices have continued to surge: Global crude prices once again crossed the $100 per barrel mark late Wednesday, while an Iranian official warned that prices could reach $200 per barrel.

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Google completed the largest purchase in its history, closing a $32 billion all-cash acquisition of Israeli cloud security startup Wiz. It’s a major bet from the tech giant on cloud-based security, and the deal boosted Wiz’s four cofounders, lifting their combined net worth to $9.2 billion.

Shares of several major banks fell after Iran threatened to target financial institutions in the Middle East with links to the U.S. and Israel. Iranian news agencies said Wednesday that a building linked to one of the country’s largest banks was hit overnight in an attack the Iranian military called “illegitimate and unconventional.”

ABOUT THOSE INFLATION NUMBERS

Investors would typically welcome an inflation report like we got Wednesday, showing that consumer prices increased less than expected in February. Instead, they’re bracing for impact from the Iran war.

Consumer prices rose by 2.4% year-over-year, beating consensus analyst estimates,........

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