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Wall Street traders parsing geopolitical headlines kept a lid on stocks and bonds, with oil jumping as a move from rich nations to deploy reserves was considered just a reprieve amid the war in Iran. US crude topped $87 despite the International Energy Agency’s approval of its largest-ever release of emergency stockpiles. Relatively tame inflation data from before the outbreak of the conflict failed to boost risk appetite, with the S&P 500 wavering. Treasuries slid, leaving traders anticipating the Federal Reserve will cut rates only once this year. Global stocks retreated as oil rallied after an attack on tankers in Iraqi waters highlighted the threat to energy infrastructure in the Middle East and stoked concerns of an escalating conflict.