NEW YORK, Oct 8 — Stock markets slid on Wednesday after a volatile day of trading for oil that saw the commodity rise sharply before closing lower after International Energy Agency member states said they were ready to release more strategic reserves.

Oil prices rose on fresh concerns about Middle East supplies following a warning that Iran appeared to be stepping up attacks in the Strait of Hormuz.

Crude futures had steadied Tuesday, helping Wall Street to new highs, with a large amount of the support coming from a rush back into the AI trade that saw chip titan Nvidia push towards a US$6-trillion (RM24.5 trillion) market value.

After rising for most of the session, oil prices ultimately closed lower on the IEA member states’ announcement.