Emergency services were called to reports of disorder in Tudor Road, at around 11am on Monday.
It is reported snow was thrown at a car – before offenders armed with a sword made threats towards the driver.
An 18-year-old man and a 17-year-old boy were arrested but have since been released pending further investigations.
A spokesman for West Midlands Police said: "We were called to Tudor Road in Oldbury following reports of a disorder after snow was being thrown at a car at about 11am Monday, December 28.
"It was further reported that the offenders were armed with a sword and making threats towards a driver.
"An 18-year-old man and a 17-year-old boy were arrested on suspicion of possession of an offensive weapon and criminal damage. They have been released pending further investigations."
Anyone with information is urged to call West Midlands Police on 101, quoting crime reference number 20SW/324284F/20.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org